*CREDIT SUISSE TAKES ACTION TO BOLSTER ITS FINANCES, TO BORROW UP TO $54 BILLION FROM SWISS NATIONAL BANK 🇨🇭🇨🇭
) said on early-Thursday that it will exercise an option to borrow up to 50 billion Swiss francs from the Swiss National Bank under two loan facilities to shore up liquidity conditions.
The bank also said it will open a cash tender offer to repurchase ten dollar-denominated debt securities for up to $2.5 billion, and a separate tender offer for euro-denominated debt securities for up to €500 million. “These measures demonstrate decisive action to strengthen Credit Suisse as we continue our strategic transformation to deliver value to our clients and other stakeholders,” Credit Suisse CEO Ulrich Koerner said in a statement.Investors were largely skittish over any further ructions in the banking sector, after the collapse of three U.S. regional banks, most notably Silicon Valley Bank, drummed up concerns of a broader crisis.
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