Swiss credit (New York stock market :CS) said it would borrow up to 50 billion francs ($54 billion) from the Swiss National Bank’s liquidity facility.
Swiss credit (CS) also announced offers from Credit Suisse International to acquire certain senior debt securities of OpCo for cash of up to around 3 billion francs, according to a Swiss bank statement.
“These steps demonstrate decisive action to strengthen Credit Suisse as we continue our strategic transformation to deliver value to our clients and other stakeholders,” said Credit Suisse CEO Ulrich Koerner.
Earlier Wednesday, in an effort to calm investors and markets, the Swiss National Bank, Switzerland’s market watchdog, Credit Suisse said (CS) meets the capital requirements, and SNB has declared it would provide liquidity to Credit Suisse if necessary.
Swiss credit (CS) shares plunged nearly 25% in Switzerland on Wednesday after the bank’s largest shareholder ruled out offering further financial aid to the struggling lender. Saudi National Bank Chairman Ammar Al Khudairy told Bloomberg that the investor had no intention to bring a new injection of capital to the bank.
Swiss credit (CS) ADR climbed 5.6% after hours trading.