Credit Suisse shares surged after the Swiss central bank agreed to loan the bank up to 50 billion francs ($54 billion) to bolster confidence in the country’s second-biggest lender following the collapse of two U.S. banks.
A woman walks past the Credit Suisse bank headquarters in London, Thursday, March 16, 2023. Credit Suisse's shares soared 30% on Thursday after it announced it will move to shore up its finances by borrowing up to nearly $54 billion from the Swiss central bank, bolstering confidence as fears about the banking system moved from the U.S. to Europe.
European Central Bank Vice President Luis de Guindos said at a news conference that European banks’ exposure to Credit Suisse is “quite limited.” In a similar move, the British government and Bank of England facilitated the sale of Silicon Valley Bank’s U.K. arm to HSBC, one of Europe’s biggest banks, ensuring that customers would have access to their money.
ECB President Christine Lagarde said the banks"are in a completely different position from 2008” during the financial crisis. To boost the return on their investments, banks needed to take more risks and some “did this more prudently than others,” said Sascha Steffen, professor of finance at the Frankfurt School of Finance & Management.
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