Credit Suisse to borrow £45bn from Swiss central bank after share price plummets

The turmoil prompted an automatic pause in trading of Credit Suisse shares on the Swiss market and sent shares of other European banks tumbling, some by double digits.

Credit Suisse is planning to borrow up to 50 billion Swiss francs (£45 billion) from Switzerland’s central bank in a bid to boost its liquidity and calm investors a day after the bank’s share price plummeted (Seth Wenig/AP)

Credit Suisse is planning to borrow up to 50 billion Swiss francs (£45 billion) from Switzerland’s central bank in a bid to boost its liquidity and calm investors a day after the bank’s share price plummeted.

Credit Suisse plunged and dragged down other major European lenders in the wake of bank failures in the United States. At one point, Credit Suisse shares lost more than a quarter of their value, hitting a record low after the bank’s biggest shareholder — the Saudi National Bank — told news outlets that it would not put more money into the Swiss lender, which was beset by problems long before the US banks collapsed.