Credit Suisse announced late Wednesday it was taking “decisive action” and borrowing up to 50 billion Swiss francs — about $54 billion — to ease investors’ fears.
The move comes as Credit Suisse stock CS, -13.94% plunged Wednesday to an all-time low, sparking new fears of a global banking crisis.Earlier Wednesday, the Swiss National Bank said it would provide liquidity to Credit Suisse, if needed.
Credit Suisse will also make a cash tender offer in relation to 10 U.S. dollar-denominated senior debt securities for an aggregate consideration of up to $2.5 billion. Shares plunged Wednesday after its largest investor, Saudi National Bank, said it would not provide it with further financial support, because doing so would exceed its 10% regulatory cap, according to Reuters.
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.
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 »
Credit Suisse woes knock euro, sterling, Swiss FrancEuropean currencies fell sharply on Wednesday after Credit Suisse's tumble to a new low renewed worries about the European banking sector following Silicon Valley Bank's collapse.
Read more »
Stocks trim losses after report Credit Suisse, Swiss authorities hold talksU.S. stocks trimmed sharp losses Wednesday afternoon following a report that Swiss authorities and Credit Suisse held talks aimed at stabilizing the troubled...
Read more »
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 »