Credit Suisse To Borrow $54 Billion Amid Banking Crisis

Credit Suisse will borrow up to 50 billion Swiss francs ($54bn) from Switzerland’s central bank amid its crisis.

On Thursday, Credit Suisse said the loan from the Swiss National Bank (SNB) would support the bank’s core businesses.

This is as it took the necessary steps to create a simpler and more focused bank built around client needs.

The Zurich-based lender said it would also buy back about $3bn of its debt.

The announcement comes after Credit Suisse shares lost more than one-quarter of their value.

In a statement on Thursday, Credit Suisse Chief Executive Ulrich Körner said; "The measures demonstrate decisive action to strengthen Credit Suisse as we continue our strategic transformation to deliver value to our clients and other stakeholders.

“My team and I are resolved to move forward rapidly to deliver a simpler and more focused bank built around client needs.”

Credit Suisse’s announcement on Thursday is the latest effort to restore the bank’s tarnished image following scandals in recent years, including the hiring of private detectives to spy on employees and facilitating corrupt loans in Mozambique.