Key takeaways: The Swiss National Bank, Swiss government, and Swiss Financial Market Supervisory Authority have worked together to bring about the combination of Switzerland’s two…
Posts tagged as “The Swiss National Bank”
Credit Suisse, one of the world’s leading banking institutions, saw its shares soar by 30% on Thursday after announcing that it would be borrowing up to $54 billion from the Swiss central bank in order to shore up its finances. This was in response to its biggest shareholder not putting more money into the bank, causing its shares to plunge by 30% the day prior. The Swiss National Bank has provided the necessary funds to ensure Credit Suisse’s financial stability, helping to bolster confidence in the European banking system.
The Swiss National Bank (SNB) and FINMA have jointly announced that Credit Suisse (CS) has met the necessary capital and liquidity requirements. This announcement comes after investors dumped shares in the Swiss bank due to a statement from its biggest backer, Saudi National Bank. The SNB and FINMA have also said that they are ready to provide financial support to Credit Suisse if needed, in order to restore confidence in the banking sector.