Credit Suisse: share rises with support from Swiss National
(CercleFinance.com) - Credit Suisse's shares soared on Thursday morning ub Zurich stock exchange, wiping out all of the previous day's losses, as the announcement of support from the Swiss National Bank (SNB) was enough to convince investors to return to the stock.
At around 9.40am, the Swiss private bank's shares jumped by more than 28%, a rise that more than erased the heavy losses suffered at the end of Wednesday's session (-24%).
In a morning statement, Credit Suisse announced a number of "decisive" measures to "preventively" strengthen its cash position.
The bank said it planned to borrow up to 50 billion Swiss francs (about 50 billion euros) from the SNB in the form of a credit facility.
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At around 9.40am, the Swiss private bank's shares jumped by more than 28%, a rise that more than erased the heavy losses suffered at the end of Wednesday's session (-24%).
In a morning statement, Credit Suisse announced a number of "decisive" measures to "preventively" strengthen its cash position.
The bank said it planned to borrow up to 50 billion Swiss francs (about 50 billion euros) from the SNB in the form of a credit facility.
Copyright (c) 2023 CercleFinance.com. All rights reserved.