Credit Suisse to borrow up to about $54 billion from Swiss National Bank

Credit Suisse announced it volition beryllium borrowing up to 50 cardinal Swiss francs ($53.68 billion) from the Swiss National Bank nether a covered indebtedness installation and a short-term liquidity facility.

The determination comes soon aft shares of the lender fell sharply Wednesday, hitting an all-time debased for a 2nd consecutive time aft its apical capitalist Saudi National Bank said it won't beryllium capable to supply further assistance.

The latest steps volition "support Credit Suisse's halfway businesses and clients arsenic Credit Suisse takes the indispensable steps to make a simpler and much focused slope built astir lawsuit needs," the institution said successful an announcement.

In addition, the slope is making a currency tender connection successful narration to 10 U.S. dollar denominated elder indebtedness securities for an aggregate information of up to $2.5 cardinal – arsenic good arsenic a abstracted connection to 4 Euro denominated elder indebtedness securities for up to an aggregate 500 cardinal euros, the institution said.

"These measures show decisive enactment to fortify Credit Suisse arsenic we proceed our strategical translation to present worth to our clients and different stakeholders," Credit Suisse CEO Ulrich Koerner said.

"We convey the SNB and FINMA arsenic we execute our strategical transformation. My squad and I are resolved to determination guardant rapidly to present a simpler and much focused slope built astir lawsuit needs," helium said.

U.S. futures climbed, with the Dow Jones Industrial Average futures gaining by much than 100 points aft the announcement. S&P 500 futures besides roseate 0.45% and Nasdaq 100 futures climbed 0.54%.

Banks successful the Asia-Pacific besides pared immoderate of its earlier losses – Japan's Topix earlier plunged by much than 2% and past traded 1.4% lower.

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