Credit Suisse

Shares of the Swiss banking giant rallied significantly Thursday after Switzerland's central bank agreed to lend it $54 billion.

financial system were spreading to other parts of the world. The European bank had already been reeling after a succession of scandals and poor decisions that several CEOs have failed to address over several years. and around the world, amid rising concerns about the stability of the global banking system after U.S.

Shares of embattled Credit Suisse surged this morning after announcing it would borrow up to $53.7 billion from the Swiss central bank, calming markets ...

Please review their details and accept them to load the content. "We fulfil and overshoot basically all regulatory requirements." The investor exit for the doors raised fears of a broader threat to the financial system, and two supervisory sources told Reuters that the European Central Bank had contacted banks on its watch to quiz them about their exposures to Credit Suisse. The 167-year-old bank's problems have shifted the focus for investors and regulators from the US to Europe, where Credit Suisse led a selloff in bank shares after its largest investor said it could not provide more financial assistance because of regulatory constraints. That followed assurances from Swiss authorities yesterday that Credit Suisse met "the capital and liquidity requirements imposed on systemically important banks" and that it could access central bank liquidity if needed. In its statement this morning, Credit Suisse said it would exercise an option to borrow from the central bank up to 50 billion Swiss francs ($54 billion).

It came a day after shares of Switzerland's second-largest commercial bank plunged 30 per cent on the SIX stock exchange.

A day earlier, Credit Suisse reported that managers had identified “material weaknesses” in its internal controls on financial reporting as of the end of last year. The turbulence came a day ahead of a meeting by the European Central Bank. Markets were watching closely to see if the bank carries through despite the latest turmoil. The share price hit a record low after the Saudi National Bank told news outlets that it would not inject more money into the Swiss lender. The regulators said they believed the bank had enough money to meet its obligations. Amid new fears about the health of financial institutions after the recent collapse of Silicon Valley Bank and Signature Bank in the US, Credit Suisse shares at one point lost more than a quarter of their value on Wednesday.

Shares in Credit Suisse rose by more than a fifth on Thursday morning after the bank announced it would borrow $53.7bn from the Swiss central bank ...

Rate increases "We fulfil and overshoot basically all regulatory requirements." Swiss authorities on Wednesday assured markets that Credit Suisse met "the capital and liquidity requirements imposed on systemically important banks" and that it could access central bank liquidity if needed.

The moves - unprecedented at a major Swiss lender since the 2008 financial crisis - are the biggest yet to shore up finances at Credit Suisse.

Bloomberg reported earlier that the government, central bank and Finma were in contact to discuss ways to stabilize Credit Suisse. Meanwhile, the borrowing comes in the form of a covered loan facility as well as a short-term liquidity facility, which are fully collateralized by high-quality assets, the bank said. Switzerland’s second-largest lender, which traces its roots back to 1856, has been battered over the last several years by a series of blowups, scandals, leadership overhaul and legal issues. Credit Suisse announced at least its second debt repurchase in just the past six months as it looks to restore investor confidence. “These measures demonstrate decisive action to strengthen Credit Suisse as we continue our strategic transformation,” Chief Executive Officer Ulrich Koerner said in the statement. The shares were poised to recover some losses Thursday, indicated 18% higher in pre-market trading by Julius Baer.

Even before the shock collapse of two U.S. banks, Credit Suisse had faced a slew of problems, including money laundering charges and spying allegations.

I think much more and why we saw it at Silicon Valley Bank, is private markets are going to be challenged," Scott added. Asked by CNBC's Geoff Cutmore whether this would mean investors staying patient despite market turbulence and the scale of outflows from the bank, Scott replied: "Absolutely. Credit Suisse management said Wednesday, however, that its latest step to secure a sizable funding deal showed "decisive action" to strengthen the business. "The weakest links are cracking and that's just happening, and that was entirely predictable — and this will not be the last one. "Regaining trust is key for the CS shares. to Europe, has prompted some to question the "true" worth of Credit Suisse's share price. And now you can pick them up at more attractive valuations," Wittmann added. [spread from the U.S. to Europe](https://www.cnbc.com/2023/03/13/hsbc-buys-silicon-valley-bank-uk-protecting-deposits-.html), has prompted some to question the "true" worth of Credit Suisse's stock price. So, now it is really time for policymakers to restore confidence and liquidity in the system, be it in the U.S., be it in Switzerland, or be it somewhere else," Wittmann said. "I think the leadership of the bank has to really use now this lifeline to review their plan because obviously, the capital markets have not bought the plan as we have seen by the performances of the equity price and the credit default swaps very recently." [said](https://www.cnbc.com/2023/03/16/credit-suisse-to-borrow-up-to-about-54-billion-from-swiss-national-bank.html) it would borrow up to 50 billion Swiss francs ($53.68 billion) from the Swiss National Bank, providing a moment of relief for investors after the Zurich-headquartered firm led Europe's banking sector on a [wild ride lower](https://www.cnbc.com/2023/03/15/european-markets-live-updates-stocks-data-news-and-earnings.html) during the previous session.

Credit Suisse shares rose over 30% at the market open after the bank said that it will borrow up to $54 billion from the Swiss National Bank.

"We thank the [Swiss National Bank] and FINMA as we execute our strategic transformation. [shares plunged to a fresh all-time low](https://www.cnbc.com/2023/03/15/credit-suisse-shares-slide-after-saudi-backer-rules-out-further-assistance.html) for the second consecutive day on Wednesday after the Saudi National Bank — a top investor — said it would not pump in any more cash due to regulatory restrictions. [said in a statement Wednesday](https://www.cnbc.com/2023/03/15/swiss-national-bank-says-it-will-provide-credit-suisse-with-liquidity-if-necessary.html) that Credit Suisse "meets the capital and liquidity requirements imposed on systemically important banks." [Credit Suisse](/quotes/0I4P-GB/) shares soared over 30% at Thursday's market open after the bank said it will [borrow up to 50 billion Swiss francs](https://www.cnbc.com/2023/03/16/credit-suisse-to-borrow-up-to-about-54-billion-from-swiss-national-bank.html) ($54 billion) from the Swiss National Bank. - The Swiss National Bank and the Swiss Financial Market Supervisory Authority said in a statement that Credit Suisse "meets the capital and liquidity requirements imposed on systemically important banks." - Credit Suisse shares rose over 30% at the market open after the bank said that it will borrow up to $54 billion from the Swiss National Bank.

Q&A: Irish banks are seen to be among the most risk averse and conservative lenders across the continent.

Its issues are different from those of SVB and two crypto-focused US lenders, Signature Bank and Silvergate Bank, that collapsed in the past nine days. (Silvergate’s wind-down plan includes full repayment of deposits without tapping a guarantee.) Credit Suisse’s problems have been known for some time and were generally viewed by banking investors to be specific to the lender which, strangely, was one of the few big banks to emerge from the financial crisis relatively unscathed. The bank was forced last week to delay the release of its annual report after US regulators raised last-minute queries. A three-year recovery plan outlined last October is centred around Credit Suisse shifting away from investment banking and back to its roots as a banker to the world’s uber-wealthy. [