Credit Suisse will be the first major global bank to take such a lifeline since the 2008 financial crisis. By the way, central banks had given more liquidity to the banks at the time of the market decline during the coronovirus epidemic.
Credit Suisse Share : Giving information on Thursday, Credit Suisse Bank of Switzerland said that it will take a loan of up to $ 54 billion from the Swiss Central Bank (Central Bank) after its shares fell. Credit Suisse has taken this decision to strengthen its financial position. Credit Suisse said it would exercise an option to borrow up to 50 billion francs (US$53.7 billion) from the Swiss Central Bank. Since this announcement, the stock of Credit Suisse has seen a rise of 40 per cent.
Let us tell you that on Wednesday, when the largest shareholder of Credit Suisse refused to give more financial help to the bank, the bank’s stock had seen a decline of up to 31 per cent. Because of which trading had to be stopped. Credit Suisse Bank said that this additional cash will support Credit Suisse’s core business and customers. The bank is being made simpler and more focused on the needs of the customers.
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fall came on wednesday
The Swiss bank’s problems have shifted the focus of investors and regulators from the US to Europe, where the stock market took a hit after Credit Suisse’s largest shareholder pulled out of funding. Regulators in the private banking hub sought to allay the fears of Credit Suisse investors on Wednesday. In fact last week the sinking of two mid sized US firms Silicon Valley Bank and Signature Bank raised concerns about the banking and financial sector.
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This became the first bank after 2008
Credit Suisse will be the first major global bank to take such a lifeline since the 2008 financial crisis. By the way, central banks had given more liquidity to the banks at the time of the market decline during the coronovirus epidemic. Global bank shares were volatile after last week’s sinking of SVP, followed by the closure of Signature Bank two days later. By the way, the President of the country has taken steps like saving investors’ money and giving more funding to banks.
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