Credit Suisse says it will move to shore up its finances, borrowing up to $54 billion from the Swiss central bank.
Catch up on the developing stories making headlines.Swiss bank Credit Suisse said Thursday it will move to shore up its finances, borrowing up to $54 billion from the central bank after its shares plunged, dragging down other major European lenders in the wake of bank failures in the United States.
The share price hit a record low after the bank's biggest shareholder — the Saudi National Bank — told news outlets that it would not put more money into the Swiss lender, which was beset by problems long before the U.S. banks collapsed. The Saudi bank is seeking to avoid regulations that kick in with a stake above 10%, having invested some 1.5 billion Swiss francs to acquire a holding just under that threshold.
Switzerland’s central bank announced late Wednesday that it was prepared to act, saying it would support Credit Suisse if needed. A statement from the bank did not specify whether the support would come in the form of cash or loans or other assistance. The regulators said they believed the bank had enough money to meet its obligations.
The stock has suffered a long, sustained decline: In 2007, the bank's shares traded at more than 80 francs each. &P 500 dropped 0.7%. The Dow Jones Industrial Average ended 0.9% lower after logging bigger losses early in the session. He noted, however, that the bank's “problems were well known so do not come as a complete shock to either investors or policymakers.”
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