The borrowing comes a day after the Swiss central bank said it was ready to provide Credit Suisse with liquidity “if necessary,” amid concerns about the investment bank’s financial health.
, Credit Suisse said it was taking this action to “pre-emptively strengthen its liquidity” and the funds were being borrowed from the Swiss central bank under its covered loan facility and a short-term liquidity facility.it was ready to provide Credit Suisse with liquidity “if necessary,” while adding that the bank met all “capital and liquidity requirements imposed on systemically important banks.
In an effort to lower interest expense, Credit Suisse also announced it will open an offer to buy back debt securities worth around $3 billion—including 10 U.S. dollar bonds worth $2.5 billion and four Euro bonds worth $530 million . The bank’s CEO Ulrich Koerner said the bank was taking “decisive action” as it continues with its strategic transformation plan to “deliver a simpler and more focused bank built around client needs.”The Zurich-based lender, which has been battling a multitude of crises, saw its stock tumble to a record low on Wednesday, ending the day more than 24% in the red.
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