Credit Suisse, loan from the Swiss Central Bank of 50 billion

Credit Suisse gets help from the Swiss central bank. The institution, whose shares have lost a quarter of their value, announced it would borrow up to 50 billion francs from the Swiss National Bank (SNB). Credit Suisse called the decision a “decisive measure to strengthen liquidity proactively”. This supports the necessary restructuring of the bank to align more closely with customer needs. The bank also announced that it would buy back some debt securities in order to reduce its interest burden. The offerings include ten-dollar bonds valued at $2.5 billion and four bonds valued at $500 million. Credit Suisse has been struggling with problems and a loss of confidence for some time. After the bank admitted accounting weaknesses on Tuesday, the Saudi National Bank’s largest shareholder ruled out further investment in the troubled bank because a larger stake would pose additional regulatory hurdles.