Troubled bank Credit Suisse to borrow up to $54bn from Swiss central bank
Srinagar, March 16 -- London, March 16 () Troubled banking giant Credit Suisse says it will borrow up to $54 billion from the Swiss central bank to shore up its finances.
The lender said it was taking decisive action to strengthen its liquidity as it looked to become a simpler bank, the BBC reported.
Shares in Credit Suisse fell 24 per cent on Wednesday after it said it had found "weakness" in its financial reporting.
This prompted a general sell off on European markets, and fears of a wider financial crisis.
Credit Suisse said its borrowing measures demonstrated "decisive action to strengthen (the bank)".
"My team and I are resolved to move forward rapidly to deliver a simpler and more focused bank built around client needs," Credit...
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