Credit Suisse to borrow over $50B from Swiss National Bank

WASHINGTON (AA) - Zurich-based banking company Credit Suisse has announced it would borrow up to 50 billion Swiss francs ($53.68 billion) from the Swiss National Bank after its shares drop by nearly %30.

"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 company said in a statement on Wednesday.

Credit Suisse also announced that it is making a "cash tender offer" in relation to 10 US-dollar-denominated senior debt securities for an aggregate consideration of up to $2.5 billion as well as four Euro-denominated senior debt securities for an aggregate consideration of up to €500 million.

"Both offers are subject to various conditions as set out in the respective tender offer memoranda," the company said.

“These measures demonstrate decisive action to strengthen Credit Suisse as we continue our strategic transformation to deliver value to our clients and other stakeholders," Credit Suisse CEO Ulrich Koerner said.

"We thank the SNB and FINMA as we execute our strategic transformation. My team and I are resolved to move forward rapidly to deliver a simpler and more focused bank built around client needs," Koerner added.