(Reuters) – Credit score Suisse Group AG on Thursday stated it should borrow as much as 50 billion Swiss francs ($54 billion) from the Swiss Nationwide Financial institution, in what it referred to as “decisive motion” to strengthen its liquidity.
The transfer got here after Swiss regulators pledged a liquidity lifeline to Credit score Suisse in an unprecedented transfer by a central financial institution after the flagship Swiss lender’s shares fell by as a lot as 30% on Wednesday.
Credit score Suisse stated the borrowing will probably be made underneath the lined mortgage facility and a short-term liquidity facility, totally collateralized by prime quality property.
It additionally introduced presents for senior debt securities for money of as much as 3 billion francs.
“This extra liquidity would assist Credit score
Suisse’s core companies and shoppers as Credit score Suisse takes the required steps to create an easier and extra centered financial institution constructed round shopper wants,” it stated.
Leave a Reply