Shares of a loss-making Swiss bank have soared Russian News EN

Credit Suisse shares up 40% after record crash

As markets opened on Thursday, March 16, shares of Credit Suisse rose sharply after a record two-day slump – as of the previous day’s close, quotes were up 40%. This is attested data Swiss stock exchange SIX Swiss stock exchange.

At the peak, the value of Credit Suisse securities reached 2.25 Swiss francs per share. At the time of writing, growth has reached 17%, with the shares trading at 2.1 francs.

Along with the resumption of quotations of Swiss banks, the main European indices also rose: the Stoxx 600 index of the European banking sector rose by 3% and the quotations of large individual banks – Societe Generale and Deutsche Bank, which lost considerably in value on March 15 – by 4 percent.

Associated materials:

The rapid rise in prices reacted to statement National Bank Swiss about the transfer of around 50 billion Swiss francs ($53.7 billion) to save Credit Suisse. The bank will not only receive a loan for the specified amount, but also access to the Central Bank’s “short-term liquidity support mechanism”. The organization called these measures “decisive actions to proactively strengthen its liquidity”.

The credit institution turned to the Central Bank for help after stocks fell to historic lows on March 14-15. After analyzing the request, the country’s Central Bank and the financial market surveillance service (Finma) concluded that the bank had not breached the capital and liquidity standards for systemically important banks, writing Bloomberg.

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