Credit Suisse Bank to borrow $54b

Published March 16th, 2023 - 01:03 GMT
Credit Suisse Bank to borrow $54 billion
This comes after its share price fell, on Wednesday, by nearly 31 percent.

ALBAWABA - Troubled Credit Suisse bank intends to borrow billions of dollars from the central bank, in light of fears of a widespread economic crisis as result of the collapse of the American banks, Silicon Valley and Signature.

Credit Suisse announced, in a statement published Thursday, its intention to borrow $54 billion from the Central Bank of Switzerland.

According to the bank, this measure falls within the pre-emptive measures it takes to enhance its cash liquidity.

This comes after its share price fell, on Wednesday, by nearly 31 percent. At a time when the Saudi National Bank, its main shareholder, refused to provide it with more financial assistance.

Besides, massive withdrawals of funds by clients occurred.

The Swiss National Bank declared that Credit Suisse's capital and liquidity levels are adequate, with a pledge to "provide liquidity if necessary".

The troubled bank is struggling to restore customer and investor confidence after a series of setbacks. Also, the closure of Silicon Valley and Signature Banks in the United States, and the crisis in the global banking sector as a result, made its position more difficult.

It recorded a net loss of $7.8 billion for the fiscal year 2022.

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