Credit Suisse to Borrow up to $54 Billion From Central Bank, Repurchase Debt

Mar 16, 2023

Marion Halftermeyer and

Myriam Balezou

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Credit Suisse Group AG sought to arrest a collapse in investor confidence Thursday by opening a 50 billion Swiss franc ($54 billion) credit line with the country's central bank and offering to buy back debt, as executives and government officials plot the next steps for the troubled lender.

Shares in Credit Suisse initially surged as much as 40% before paring gains, remaining lower than Wednesday when they lost the most since the 2008 financial crisis. As analysts began to question how much time the announcement has bought, the Swiss Federal Council was setting up a special meeting for Thursday to discuss the situation.