Credit Suisse To Borrow $54B From Swiss Central Bank

March 16, 2023 4:23 am

GENEVA (AP) — Swiss bank Credit Suisse says it will move to shore up its finances, borrowing up to $54 billion from the central bank after its shares plunged, dragging down other major European lenders in the wake of bank failures in the United States. Globally connected Credit Suisse’s shares lost more than a quarter of their value at one point Wednesday. The stock price hit a record low after the bank’s biggest shareholder — the Saudi National Bank — told news outlets that it would not invest more money into the Swiss lender. Credit Suisse was beset by problems long before the U.S. banks collapsed.