The bank said its borrowing measures “demonstrate decisive action to strengthen Credit Suisse as we continue our strategic transformation to deliver value to our clients and other stakeholders”.
The move to shore up Credit Suisse’s finances came a few hours after the central bank and the Swiss financial markets regulator issued a joint statement pledging emergency funding if needed. They insisted there was no “direct risk” of contagion from turmoil in the US banking system after the sudden collapse last week of the US lender Silicon Valley Bank.
The suggestion of a limit to support for Credit Suisse, which reported a loss of CHF7.3bn for 2022, sent its share price tumbling, ending the day down by 24.5%.
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