Switzerland lender, Credit Suisse, has disclosed its intention to borrow 50 billion Swiss Francs ($53.7 billion) from the Swiss National Bank amid global fear of a meltdown in the international financial market.
On Thursday, Credit Suisse said it decided to exercise its right under the Swiss National Bank’s Covered Loan Facility by obtaining the $53.7 billion loan to boost its liquidity levels to finance its core businesses and clients’ needs.
The announcement to obtain a loan comes after the largest investor in Credit Suisse, Saudi National Bank (SNB), said it will not be providing more cash to the Swiss lender should it need it.
