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The New York Times — Business — Credit Suisse — Banking and Financial Institutions — Finances — Credit Suisse Group Ag

Credit Suisse to Borrow as Much as $54 Billion From Swiss Central Bank

Credit Suisse plans to borrow up to $54bn from Swiss central bank after shares dropped to a record low; will also buy back $3bn in debt to avert further damage.

1 min read
  • Credit Suisse to borrow up to $54bn from Swiss central bank to improve liquidity.
  • Shares fell by 24% to a record low, bonds also dropped, and insurance against default spiked.
  • Saudi National Bank, Credit Suisse's largest shareholder, said it would not invest further.
  • Credit Suisse plans to buy back $3bn in debt.
Credit Suisse to Borrow as Much as $54 Billion From Swiss Central Bank
The Swiss lender had ended Wednesday fighting for its life, with shares at a record low and the cost to insure against a default the highest ever. The loan is an effort to avert further damage.
The New York TimesBy Andrés R. Martíne

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