02:16Switzerland: Shares in Credit Suisse soar after $54 billion bailout from central bank
Shares in Credit Suisse have seen a sudden rise as of Thursday after the troubled bank announced it would be borrowing as much as 50 billion Swiss francs ($53.68 billion) from Switzerland's central bank.
Shares in Switzerland’s second-largest bank plummeted to record lows on Wednesday, causing global markets to fall amid panic from investors. Credit Suisse’s main investor Saudi National Bank said it would not be providing further investment leading share prices to collapse further.
Footage captured in Zurich, where Credit Suisse is headquartered shows patrons entering and exiting the bank’s branches. ATMs could be seen displaying 'out of order' messages.
The lifeline provided by the Swiss central bank came just days after US regulators intervened to rescue the ailing Silicon Valley Bank, prompting fears that a financial crisis similar to 2018 was looming. British bank HSBC also purchased SVB’s UK arm for just £1.
However, Credit Suisse's decline has been widely attributed to poor decisions on the part of CEOs and a string of scandals resulting in multi-billion dollar losses.
02:16Shares in Credit Suisse have seen a sudden rise as of Thursday after the troubled bank announced it would be borrowing as much as 50 billion Swiss francs ($53.68 billion) from Switzerland's central bank.
Shares in Switzerland’s second-largest bank plummeted to record lows on Wednesday, causing global markets to fall amid panic from investors. Credit Suisse’s main investor Saudi National Bank said it would not be providing further investment leading share prices to collapse further.
Footage captured in Zurich, where Credit Suisse is headquartered shows patrons entering and exiting the bank’s branches. ATMs could be seen displaying 'out of order' messages.
The lifeline provided by the Swiss central bank came just days after US regulators intervened to rescue the ailing Silicon Valley Bank, prompting fears that a financial crisis similar to 2018 was looming. British bank HSBC also purchased SVB’s UK arm for just £1.
However, Credit Suisse's decline has been widely attributed to poor decisions on the part of CEOs and a string of scandals resulting in multi-billion dollar losses.