At the start of trading on Thursday, shares of Credit Suisse rose more than 30% after the bank announced it will borrow up to $50 billion ($54 billion) from the Swiss National Bank.
Despite a modest slowdown in the rise during the day's trading, the shares of the Swiss-listed company were still up 18.8% as the markets closed in the late afternoon.
Late on Wednesday, the troubled lender made the announcement that it will use its right to borrow money from the Swiss central bank under a covered loan facility and a short-term liquidity facility.
Credit Suisse "meets the capital and liquidity requirements imposed on systemically important institutions," according to a statement released on Wednesday by the Swiss National Bank and the Swiss Financial Market Supervisory Authority.
Credit Suisse also made a debt buyback offer of almost 3 billion Swiss francs, covering 10 senior debt securities issued in dollars and four senior debt securities denominated in euros.
In a statement released on Wednesday, Credit Suisse CEO Ulrich Koerner stated, "These actions indicate strong action to strengthen Credit Suisse as we continue our strategic transformation to create value to our clients and other stakeholders."
"We appreciate the support of FINMA and the [Swiss National Bank] as we carry out our strategic change. My team and I are determined to make quick progress in order to offer a bank that is simpler and more focused on the requirements of its customers.
As with many other European banks, the stock of Credit Suisse, the second-largest bank in Switzerland, started to decline at the beginning of the week due to concerns about contagion following the failure of Silicon Valley Bank.
The Swiss bank's losses increased on Tuesday as it disclosed in its annual report that it had discovered "significant weakness" in its financial reporting for the years 2021 and 2022, though it claimed that this did not impair the accuracy of the bank's financial accounts.
Despite a modest slowdown in the rise during the day's trading, the shares of the Swiss-listed company were still up 18.8% as the markets closed in the late afternoon.
Late on Wednesday, the troubled lender made the announcement that it will use its right to borrow money from the Swiss central bank under a covered loan facility and a short-term liquidity facility.
Credit Suisse "meets the capital and liquidity requirements imposed on systemically important institutions," according to a statement released on Wednesday by the Swiss National Bank and the Swiss Financial Market Supervisory Authority.
Credit Suisse also made a debt buyback offer of almost 3 billion Swiss francs, covering 10 senior debt securities issued in dollars and four senior debt securities denominated in euros.
In a statement released on Wednesday, Credit Suisse CEO Ulrich Koerner stated, "These actions indicate strong action to strengthen Credit Suisse as we continue our strategic transformation to create value to our clients and other stakeholders."
"We appreciate the support of FINMA and the [Swiss National Bank] as we carry out our strategic change. My team and I are determined to make quick progress in order to offer a bank that is simpler and more focused on the requirements of its customers.
As with many other European banks, the stock of Credit Suisse, the second-largest bank in Switzerland, started to decline at the beginning of the week due to concerns about contagion following the failure of Silicon Valley Bank.
The Swiss bank's losses increased on Tuesday as it disclosed in its annual report that it had discovered "significant weakness" in its financial reporting for the years 2021 and 2022, though it claimed that this did not impair the accuracy of the bank's financial accounts.
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