Credit Suisse and Switzerland try to cushion the strong fall that the bank suffers on the stock market. The entity has announced that it will request 50,000 million in liquidity from the Swiss central bank, after it announced last night that it was opening this possibility for the entity. “This additional liquidity will support the core activities of Credit Suisse and its customers as Credit Suisse takes the necessary steps to a simpler bank and create a more customer-focused bank,” the bank said in a statement.
In parallel to the request for financial assistance, the bank will launch a purchase offer for a senior debt issue in dollars for more than 2,500 million dollars. Likewise, it will show the acquisition of four placements of senior bonds in euros each for 500 million. These offers will be open until March 22.
According to the bank’s CEO, Ulrich Koerner, the package of measures shows that decisions are being made to strengthen Credit Suisse so that it can continue with its transformation. “We thank the SNB and FINMA,” the company said in its statement. “My team and I are determined to move quickly to build a bank more focused on the needs of our clients,” he insisted.
