SNB to lend up to $54 billion to Credit Suisse
Credit Suisse will borrow up to Sfr50 billion ($54 billion) from the Swiss National Bank, it said today (March 16).
The decision came a day after the bank’s share price fell by as much as 30% on March 15. Credit Suisse’s losses were the biggest in the European banking sector. French lender BNP Paribas and Societe Generale lost 10%, and Germany’s Deutsche Bank 8%.
The market decline came after the Swiss lender’s biggest shareholder, the Saudi National Bank, ruled out financial assistance. “The
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