March 16, 2023
04:35
04:35
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Credit Suisse surges 40% after $54B lifeline by Swiss National Bank
As the Silicon Valley Bank meltdown starts to cool, across the Atlantic major European banks are starting to see alarms flashing red. Credit Suisse's stock price dropped 30 percent on Wednesday before surging up 40 percent on news of its salvation by the Swiss National Bank. The bank says that it has enough money, but a Bloomberg interview with the head of the Saudi National Bank at an investor conference on Wednesday spooked markets. SNB is one of Credit Suisse's biggest shareholders, and Chairman Ammar Al Khudairy said it could not buy more than 9.9 percent of the Swiss firm due to regulatory issues. That sparked a sell-off, and Credit Suisse took a 53 billion dollar loan from Swiss National Bank to try to calm investors' nerves. Credit Suisse has seen outflows of cash in recent months following sanctions-busting scandals and on Tuesday its own annual review detailed quote "material weaknesses" in its financial reporting practices.
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