Credit Suisse to borrow up to nearly $54 billion from Swiss National Bank
Publishing timestamp: 2023-03-15 23:14:10
Summary
Credit Suisse will borrow up to $53.68 billion from the Swiss National Bank after its top investor, Saudi National Bank, said it would not provide further assistance. The bank is also making a cash tender offer for senior debt securities and Euro-denominated senior debt securities. Credit Suisse CEO Ulrich Koerner said the measures were part of the bank's strategic transformation to create a simpler and more focused bank. The news caused U.S. futures to climb, but wider concerns for the banking sector remain, particularly around trust.
Sentiment: NEGATIVE
Tickers: CSG.N-CH, @SP.1, JPY=, .DJI, CBA-AU, @ND.1, NAB'E-AU, CHF=, WBC'H-AU,
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