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Credit Suisse borrows up to $54 billion from Swiss central bank to shore up liquidity and investor confidence
Credit Suisse shares hit all-time lows on Wednesday after its largest shareholder, the Saudi National Bank, said it would not invest more cash in the struggling Swiss banking giant. The bank has been hit hard by customer withdrawals in recent months, leading to speculation of a government rescue. Credit Suisse has asked the Swiss National Bank for “public show of support” but no decision has yet been made. CEO Axel Lehmann told CNBC the bank had strong capital ratios and a strong balance sheet, but Credit Suisse’s plunging stock price could be a sign that “investors judge that this bank needs to be rescued,” said an analyst.
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