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Credit Suisse announced it would borrow up to 50 billion Swiss francs from the Swiss National Bank in a move to strengthen its liquidity amid dwindling stock prices.
Fifty billion Swiss francs is the equivalent of $53.68 billion. Credit Suisse is the country’s second biggest lender.
On Wednesday, Credit Suisse’s shares went down as much as 30 percent as fears from Silicon Valley Bank and Signature Bank’s failures reached across the Atlantic Ocean.
Earlier on Wednesday, the Swiss National Bank announced it would provide Credit Suisse with liquidity if necessary.
In exercising that option hours later, Credit Suisse said it is “taking decisive action to pre-emptively strengthen its liquidity.”
“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,” a press release stated.
