Credit Suisse announced it would borrow up to 50 billion Swiss francs from the Swiss National Bank in a move to strengthen its liquidity amid dwindling stock prices.
Fifty billion Swiss francs is the equivalent of $53.68 billion. Credit Suisse is the countryâs second biggest lender.
On Wednesday, Credit Suisseâs shares went down as much as 30 percent as fears from Silicon Valley Bank and Signature Bankâs failures reached across the Atlantic Ocean.
Earlier on Wednesday, the Swiss National Bank announced it would provide Credit Suisse with liquidity if necessary.
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