Headquarters of the Swiss bank Credit Suisse. , Photo Credit: AP
Shares of Credit Suisse soared 30% after announcing that it would move to shore up its finances by borrowing up to approx. $54 billion from the Swiss Central Bank,
It marked a huge swing on March 16 after its biggest shareholder said it would not pump more money into the Swiss lender, a 30% drop in its shares on the SIX stock exchange a day earlier.
This dragged down other European banks as the collapse of some US banks was followed by fears of the banking system spreading overseas.
Credit Suisse, which was beset by problems long before the US bank failures, said on 16 March it would exercise an option to borrow up to 50 billion francs ($53.7 billion) from the central bank.