Credit Suisse is asking for $54 billion from the Swiss Central Bank to reassure investors

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Credit Suisse turned to the National Bank of Switzerland with a request for a loan of 54 billion dollars and an offer to buy back part of the bank’s debt in order to withstand the instability in the global financial system.

It is reported Bloomberg with reference to the bank statement.

The financial institution will borrow money from the central bank and make a tender offer to buy up to three billion francs of debt denominated in dollars and euros.

Meanwhile, major shareholder Credit Suisse said the bank is “doing well” and is unlikely to seek additional capital.

The statement came after a frantic trading session in which concerns about Credit Suisse’s financial health rocked global markets, worried regulators in Europe and the US and prompted some companies to reassess their exposure to the bank.

The moves are unprecedented for a major Swiss lender since the 2008 financial crisis and are the largest-ever fundraising efforts for Credit Suisse.

The bank’s shares fell 31% in Zurich trading on Wednesday, while bonds fell to levels signaling deep financial trouble.

The groundwork for Credit Suisse’s sudden fall was laid earlier in the week as investors scrambled to move away from banking risks following the turmoil caused by the collapse of a string of US banks.

Shares in the Swiss bank fell to an all-time low after the head of Saudi Arabia’s National Bank said he would not increase his stake in the bank above its current level of just under 10%.

We remind you:

The head of the largest shareholder of the Credit Suisse group, the National Bank of Saudi Arabia, statedwhich will not buy more shares of the Swiss bank for regulatory reasons.

We remind you:

The head of the largest shareholder of the Credit Suisse group, the National Bank of Saudi Arabia, statedwhich will not buy more shares of the Swiss bank for regulatory reasons.

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