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Credit Suisse (NYSE:CS) said it will borrow as much as 50 billion francs ($54 billion) from the Swiss National Bank liquidity facility.
Credit Suisse (CS) also announced offers by Credit Suisse International to repurchase certain OpCo senior debt securities for cash of up to approximately 3 billion francs, according to a statement from Swiss bank.
“These measures demonstrate decisive action to strengthen Credit Suisse as we continue our strategic transformation to deliver value to our clients and other stakeholders,” Credit Suisse CEO Ulrich Koerner said.
Earlier Wednesday in an effort to calm investors and markets, the Swiss National Bank the Swiss market supervisory authority said Credit Suisse (CS) meets capital requirements, and SNB said it would provide liquidity to Credit Suisse if necessary.
Credit Suisse (CS) shares plunged almost 25% in Switzerland on Wednesday after the bank’s top shareholder ruled out offering further financial assistance to the troubled lender. The Saudi National Bank Chairman Ammar Al Khudairy told Bloomberg that the investor had no intention of giving a further capital injection to the bank.
Credit Suisse (CS) ADRs climbed 5.6% in after hours trading.
