Credit Suisse to borrow up to 50 billion Swiss francs from Swiss National Bank

(Reuters) – Credit Suisse Group AG on Thursday said it will borrow up to 50 billion Swiss francs ($54 billion) from the Swiss National Bank, in what it called “decisive action” to strengthen its liquidity.

The move came after Swiss regulators pledged a liquidity lifeline to Credit Suisse in an unprecedented move by a central bank after the flagship Swiss lender’s shares fell by as much as 30% on Wednesday.

Credit Suisse said the borrowing will be made under the covered loan facility and a short-term liquidity facility, fully collateralized by high quality assets.

It also announced offers for senior debt securities for cash of up to 3 billion francs.

“This additional liquidity would support Credit

Suisse’s core businesses and clients as Credit Suisse takes the necessary steps to create a simpler and more focused bank built around client needs,” it said.