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The headquarters of Swiss bank Credit Suisse.
| Photo Credit: AP
Credit Suisse’s shares have soared 30% after it announced it will move to shore up its finances by borrowing up to nearly $54 billion from the Swiss Central Bank.
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It’s a massive swing on March 16 after its shares plunged 30% on the SIX stock exchange a day earlier after its biggest shareholder said it would not put more money into the Swiss lender.
That dragged down other European banks as fears about the banking system expanded overseas following the collapse of some U.S. banks.
Credit Suisse, which was beset by problems long before the U.S. bank failures, said on March 16 that it would exercise an option to borrow up to 50 billion francs ($53.7 billion) from the Central Bank.
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