Credit Suisse thrown $54bn lifeline in rush to ward off global bank crisis
19 March 2023 - 09:37
Credit Suisse will borrow up to $54bn (about R990bn) from Switzerland’s central bank to shore up liquidity and investor confidence, after a slump in its shares intensified fears about a global banking crisis.
The bank’s announcement on Thursday, which came in the middle of the night in Zurich, prompted a 24% rise in Credit Suisse shares and helped reverse some of the heavy losses on stock markets driven by investor fears over potential bank runs across the world...
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