Credit Suisse shares surge over 30% after borrowing $54B from Swiss National Bank

By Tuba Sahin

ANKARA (AA) - Credit Suisse shares jumped over 30% at market opening on Thursday after the Swiss banking giant announced plans to borrow up to 50 billion francs (some $54 billion) from the central bank.

Credit Suisse shares were traded for 2.25 Swiss francs ($2.43) at open, up more than 30% from Wednesday's close.

"This additional liquidity would support Credit Suisse’s core businesses and clients as Credit Suisse takes the necessary steps to create a simpler and more focused bank built around client needs," the Zurich-based bank said in a statement early Thursday.

The bank's shares plunged to a record low on Wednesday as the bank failed to relieve investors' concerns about the spillover effect of the collapse of two US lenders -- Silicon Valley Bank and Signature Bank -- within days.

After Credit Suisse's main investor Saudi National Bank on Wednesday said it was not able provide more financial assistance to the lender, its shares plummeted by 30% at close.

The Saudi National Bank holds nearly 10% of Credit Suisse shares.