Credit Suisse is going to borrow 53.7 billion dollars from the Central Bank of Switzerland

One of the largest Swiss banks Credit Suisse is going to borrow about 53.7 billion US dollars from the country’s central bank.

This measure will allow the bank to avoid collapse, as the credit institution faced a shortage of liquidity, according to RIA Novosti.

Earlier, the Swiss regulator expressed its readiness to save the distressed Credit Suisse.

Recall that European banks survived the Black Wednesday. After the turmoil in the United States, the entire financial sector of the EU countries fell sharply. It is very difficult for the two largest French banks – Societe Generale and BNP Paribank – to lose 12% each.

The largest German financial conglomerate Deutsche Bank falls by 10%. The second largest bank in Italy UniCredit – by 7%.

But Swiss Credit Suisse is worst of all – its shares have already lost almost 30% in a day and are worth less than $2. This is a new historical low. Actually, it is Credit Suisse that is now pulling the entire European banking sector down.

Credit Suisse- the second largest Swiss bank, one of the oldest in Europe, is now in a very difficult position. At the end of 2022, customers began to urgently withdraw money from the bank and withdrew approximately 30 percent of the funds. Experts believe that one of the reasons could be the freezing of Russian assets by the European authorities. Rich foreigners, looking at what was happening, simply began to withdraw their investments.