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
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 ...