Banking

Credit Suisse gets €51bn support from Swiss central bank to stem crisis

The move is unprecedented at a major Swiss lender since the 2008 financial crash

Switzerland’s second-largest lender has been battered over the last several years by a series of blowups, scandals, leadership overhaul and legal issues. Picture: Getty

Credit Suisse tapped the Swiss National Bank for as much as 50 billion francs (€50.7 billion) and offered to repurchase debt, seeking to stem a crisis of confidence that has sent shockwaves across the global financial system.

The troubled lender will borrow the money from a central bank liquidity facility and is making a tender offer to buy back up to three billion francs of dollar- and euro-denominated debt, according to a statement released around ...