Credit Suisse to borrow almost $54bn from the central bank after shares dip

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.

Credit Suisse said would exercise an option to borrow up to 50 billion francs ($53.7 billion) from the central bank.

“This additional liquidity would support Credit Suisse’s core businesses and clients as Credit Suisse takes the necessary steps to create a simpler and more focused bank built around client needs,” the bank said.

Fanning new fears about the health of financial institutions following the recent collapse of Silicon Valley Bank and Signature Bank in the US, at one point, Credit Suisse shares lost more than a quarter of their value on Wednesday.