Photo Credit: Ank Kumar / Wikimedia
Credit Suisse branch at Birmensdorferstrasse in Zurich, 2019

The Swiss National Bank and Financial Market Supervisory Authority (FINMA) have extended a lifeline to struggling Credit Suisse, saying in a joint statement the bank “meets the capital and liquidity requirements imposed on systemically important banks.”

“If necessary, the SNB will provide CS with liquidity,” the two institutions confirmed.


Shortly after, Credit Suisse announced that it intends to borrow up to $53.7 billion from the Swiss central bank to improve its liquidity.

“My team and I are resolved to move forward rapidly … 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,” Credit Suisse CEO Ulrich Joerner said in a statement.

After the announcement, Credit Suisse shares skyrocketed by 30 percent.

Earlier in the day, Credit Suisse shares fell below 2 Swiss francs ($2.18) for the first time after the bank’s largest shareholder, Saudi National Bank, said it could not raise its ownership beyond 10 percent due to regulatory concerns.

“We now own 9.8 percent of the bank; if we go above 10 percent all kinds of new rules kick in, whether be it by our regulator or the European regulator or the Swiss regulator,” Ammar Al Khudairy explained to Bloomberg News on the sidelines of a conference in Saudi Arabia.

“We’re not inclined to get into a new regulatory regime,” he added.

Credit Suisse is one of the largest financial institutions in the world, along with JP Morgan Chase, Bank of America, Bank of China and about 26 others.

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Hana Levi Julian is a Middle East news analyst with a degree in Mass Communication and Journalism from Southern Connecticut State University. A past columnist with The Jewish Press and senior editor at Arutz 7, Ms. Julian has written for, and other media outlets, in addition to her years working in broadcast journalism.