Credit Suisse to borrow up to $53.7 billion from the Swiss central bank

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Credit Suisse to borrow up to $53.7 billion from the Swiss central bank

Credit Suisse to borrow up to $53.7 billion from Swiss central bank FREE NEWS

Credit Suisse to borrow up to $53.7 billion from the Swiss central bank

One of Switzerland’s biggest banks, Credit Suisse, said it would borrow up to 50 billion Swiss francs from the country’s central bank (about $53.7 billion).RIA Novosti, 03/16/ 2023

2023-03-16T05:53

2023-03-16T05:53

2023-03-16T05:53

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MOSCOW, March 16 – RIA Novosti. One of Switzerland’s biggest banks, Credit Suisse, said it would borrow up to 50 billion Swiss francs (about $53.7 billion) from the country’s central bank. Earlier, Credit Suisse said it welcomed the announcement from the central bank and the Swiss Financial Market Supervisory Authority (FINMA) on their willingness to provide support to the bank. On Wednesday, the Swiss Central Bank and FINMA said Credit Suisse meets the capital and liquidity requirements of systemically important banks, if necessary the Swiss National Bank will provide it with liquidity. Earlier, Rich Dad Poor Dad financial commentator and best-selling author Robert Kiyosaki said the next bank to fail after US bank Silicon Valley (SVB) collapsed will be one of the biggest Swiss banks Credit Swiss. He accurately predicted the collapse of US banking giant Lehman Brothers in 2008. Credit Suisse Group’s major shareholder, the Saudi National Bank, later ruled out bailing out the Swiss bank, citing regulatory concerns. In this context, the Credit Suisse share fell 24.2% at the close on Wednesday, to 1.7 Swiss francs per share, and in stock market prices, the fall exceeded 30%.

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switzerland, united states, credit suisse, lehman brothers, silicon valley bank failure

Credit Suisse to borrow up to $53.7 billion from the Swiss central bank