Credit Suisse to borrow €51 billion from Swiss central bank

Credit Suisse to borrow €51 billion from Swiss central bank

Credit Suisse said it will move to shore up its finances, borrowing up to €51 billion from the Swiss central bank after its shares plunged, dragging down other major European lenders in the wake of bank failures in the United States.

“This additional liquidity would support Credit Suisse’s core businesses and clients as Credit Suisse takes the necessary steps to create a simpler and more focused bank built around client needs,” the bank said.