Credit Suisse Borrows $53 Billion From Swiss Central Bank After Shares Pummelled

A sign of Switzerland's second largest bank Credit Suisse on a branch's building in downtown Geneva, on Nov. 4, 2020. Fabrice Coffrini/AFP via Getty Images

Credit Suisse has taken Switzerland’s central bank up on its offer to borrow up to 50 billion Swiss Francs ($53.7 billion) after the Swiss National Bank (SNB) vowed to grant it a liquidity lifeline “if necessary.”

In a statement, Credit Suisse said it was taking “decisive action to pre-emptively strengthen liquidity” after shares of the Swiss lender plunged by much as 30 percent on Wednesday, exacerbating fears that a global financial crisis is on the horizon.