Credit Suisse borrows $50bln from Swiss National Bank

Credit Suisse said on Wednesday it would borrow some 50 billion Swiss Franc ($53.7 billion) from the Swiss National Bank (SNB), hoping to reassure investors that it had the necessary cash to stay afloat.

“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 in a statement.

The bank disclosed that it had repurchased billions of dollars of its debt to manage its obligations and interest payments, while SNB’s offer covers $2.5 billion of U.S. dollar bonds and €500 million ($529 million) of euro bonds.