Credit Suisse Group AG said on Thursday it intended to borrow up to 50 billion Swiss francs ($54 billion) from the Swiss National Bank in what it called 'decisive action' to boost its liquidity.
Referring to the intended borrowing, it said: "This additional liquidity would support Credit Suisse's core businesses and clients as Credit Suisse takes the necessary steps to create a simpler and more focused bank built around client needs."
Gary Ng, senior economist at Natixis Corporate and Investment Bank, said investors might be worried about Silicon Valley Bank and Credit Suisse for different reasons, but both suffered from the side effect of high-interest rates. The Swiss lender's latest move came after CEO Ulrich Koerner said in an interview earlier on Wednesday that the bank's "capital, our liquidity basis is very very strong."last month reported
The bank, Switzerland's second biggest, has begun a major overhaul of its business, cutting costs and jobs to revive its fortunes, including creating a separate business for its investment bank under the CS First Boston brand. The bank raised 4 billion Swiss francs from investors in December.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Swiss National Bank will provide Credit Suisse financial support ‘if necessary’Shares of the Swiss banking giant fell nearly 20 percent in early trading, creating new uncertainty in the wake of Silicon Valley Bank’s collapse.
Read more »
Credit Suisse appeals to Swiss National Bank for show of support - FTCredit Suisse has appealed to the Swiss National Bank (SNB) for a public show of support, the Financial Times reported on Wednesday, after the bank's shares slid as much as 30% and sparked a broader sell-off in European and U.S. bank stocks.
Read more »
Swiss National Bank to provide liquidity to Credit Suisse ‘if necessary’The Swiss National Bank will provide liquidity to troubled lender Credit Suisse if necessary, the central bank said late Wednesday, in a joint statement with...
Read more »
Swiss National Bank says it would support credit Suisse if necessaryRegulators stated that the problems experienced by certain U.S. banks do not pose a risk for the Swiss financial system.
Read more »
Credit Suisse to borrow up to about $54 billion from Swiss National BankCredit Suisse announced it will be borrowing up to 50 billion Swiss francs ($53.68 billion) from the Swiss National Bank under a covered loan facility and a short-term liquidity facility.
Read more »
Credit Suisse to borrow up to nearly $54 billion from Swiss National BankCredit Suisse announced it will be borrowing up to 50 billion Swiss francs ($53.68 billion) from the Swiss National Bank under a covered loan facility and a short-term liquidity facility.
Read more »