© Reuters. A man walks near the Credit Suisse bank headquarters in New York, U.S., March 15, 2023. REUTERS/Eduardo Munoz
(Reuters) – Credit Suisse Group AG said on Thursday it would borrow up to 50 billion Swiss francs ($54 billion) from the Swiss National Bank, in what it called an “action decisive” to strengthen its liquidity.
The move came after Swiss regulators pledged a liquidity lifeline to Credit Suisse in an unprecedented move by a central bank after shares of the flagship Swiss lender fell 30% on Wednesday. .
Credit Suisse said the borrowing will be made under the covered loan facility and a short-term liquidity facility, fully collateralized by high-quality assets.
It also announced offers of senior debt securities for cash of up to 3 billion francs.
“This additional liquidity would support credit
Switzerland’s core businesses and customers as Credit Suisse takes the necessary steps to create a simpler, more focused bank built around customer needs,” he said.