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Credit Suisse will take out a Loan from the Swiss National Bank
World | March 16, 2023, Thursday // 08:56
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The Swiss bank Credit Suisse will take a short-term loan of up to 50 billion Swiss francs from the Swiss National Bank.
The bank, whose shares collapsed yesterday on the Swiss stock exchange, announced in parallel a series of debt buybacks for around 3 billion Swiss francs. Yesterday, the bank's share price fell by 24.24 percent.
The market capitalization of Credit Suisse, one of the world's 30 banks deemed too big to fail, fell to just under 6.7 billion Swiss francs. This precipitous decline began after the head of the Saudi National Bank, Credit Suisse's largest shareholder, said it would not pour more money into the Swiss financial institution due to regulatory restrictions.
European market indices ended trading with a crash yesterday and there were fears of a new financial crisis. The problems in the banking sector started last week, after the collapse of the American Silicon Valley Bank and Signature Bank.
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