Credit Suisse announced late Wednesday it was taking “decisive action” and borrowing up to 50 billion Swiss francs — about $54 billion — to ease investors’ fears.
The move comes as Credit Suisse stock CS, -13.94% plunged Wednesday to an all-time low, sparking new fears of a global banking crisis.Earlier Wednesday, the Swiss National Bank said it would provide liquidity to Credit Suisse, if needed.
Credit Suisse will also make a cash tender offer in relation to 10 U.S. dollar-denominated senior debt securities for an aggregate consideration of up to $2.5 billion. Shares plunged Wednesday after its largest investor, Saudi National Bank, said it would not provide it with further financial support, because doing so would exceed its 10% regulatory cap, according to Reuters.
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