A branch of the Swiss banking giant Credit Suisse outside the window under the rain in Basel. (Photo: FABRICE COFFRINI / AFP) (Photo: FABRICE COFFRINI/AFP via Getty Images)
Fabrice Coffrini | Afp | Getty Images
Credit Suisse shares soared more than 30% Thursday morning after the bank announced it would do so borrow up to 50 billion Swiss francs ($54 billion) from the Swiss National Bank.
The beleaguered Swiss lender announced late on Wednesday that it would exercise its option to borrow from the central bank under the covered credit facility and the short-term liquidity facility.
SNB and the Swiss Financial Market Supervisory Authority he said in a statement on Wednesday that Credit Suisse “meets the capital and liquidity requirements of systemically important banks”.
Actions from Credit Suisse dropped to a new historic low for a second straight day on Wednesday after major investor Saudi National Bank said it would not be able to provide it with any additional cash due to regulatory restrictions.
This is a developing story and will be updated soon.