March 17, 2023 | Investopaper
With the closure of America’s Silicon Valley Bank and Signature Bank, Switzerland’s Credit Suisse Bank is also facing deep trouble.
Shares in the Swiss lender fell more than 30 percent at one point on Wednesday to a record low of 1.56 Swiss francs per share, according to The Guardian.
The problem arose after its top shareholder, the Saudi National Bank, refused to provide it with new loans.
Credit Suisse is planning to borrow 50 billion Swiss francs from the Swiss National Bank in order to ease up liquidity and restore confidence in its financial condition.