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swiss credit (New York Stock Exchange: CS) said it will borrow up to 50 billion francs ($54 billion) from the Swiss National Bank’s liquidity facility.
Credit Suisse (CS) also announced offers from Credit Suisse International to repurchase certain OpCo senior debt securities for cash up to approximately 3 billion francs, according to a Swiss bank statement.
“These steps demonstrate decisive action to strengthen Credit Suisse as we continue our strategic transformation to deliver value to our customers and other stakeholders,” said Credit Suisse CEO Ulrich Koerner.
Earlier Wednesday, in an effort to calm investors and markets, the Swiss National Bank, the supervisory authority for the Swiss market, said Credit Suisse (CS) meets capital requirements, and the SNB said it it would provide liquidity to Credit Suisse if needed.
Shares of Credit Suisse (CS) plunged nearly 25% in Switzerland on Wednesday after the bank’s top shareholder ruled out offering more financial assistance to the troubled lender. Saudi National Bank President Ammar Al Khudairy told Bloomberg that the investor had no intention of giving the bank a new capital injection.
Credit Suisse (CS) ADR up 5.6% in the trade after hours.
