Credit Suisse: Timetable for a tough year
Credit Suisse Timeline
Saudi National Bank says panic over Credit Suisse was unfounded
Chairman of Credit Suisse’s largest shareholder, national bank of saudi arabiatold CNBC’s Hadley Gamble that the recent market turmoil in the banking sector was “isolated” and stemmed from “a little bit of panic.”
“If you look at how the whole banking industry has gone down, unfortunately, a lot of people are just making excuses … It’s panic, a little bit of panic,” Ammar Al Khudairy said on CNBC’s “Capital Connect.”
Credit Suisse did not seek financial assistance from the National Bank of Saudi Arabia, he added.
“There have been no discussions with Credit Suisse about providing assistance,” he said. “I don’t know where the word ‘aid’ comes from, there hasn’t been any discussion since October,” he said.
His comments came after Credit Suisse Announce It will borrow up to 50 billion Swiss francs ($53.68 billion) from the Swiss National Bank to boost liquidity and investor confidence after its shares slumped on Wednesday.
Swiss franc strengthens in volatile trade after Credit Suisse announcement
this swiss franc Continued volatility seen following developments at Credit Suisse – last up 0.17% against the dollar to offset earlier weakness after the lender Announce Borrowed nearly $54 billion from the Swiss National Bank.
CNBC Pro: Morgan Stanley lists its favorite tech stocks — and gives an upside of nearly 60%
Credit Suisse says it will borrow up to about $54 billion from the SNB
credit suisse Announced that it will borrow up to 50 billion Swiss francs ($53.69 billion) from the Swiss National Bank under guaranteed loan arrangements and short-term liquidity facilities.
The steps will “support Credit Suisse’s core business and clients as it takes the necessary steps to create a simpler, more focused bank around client needs,” the company said in a statement. announcement.
In addition, the bank has made cash offers for 10 US dollar-denominated senior debt securities for an aggregate consideration of up to US$2.5 billion and separate offers for four euro-denominated senior debt securities for a total consideration of US$500. million euros, the company said.
read more here.
CNBC Pro: Default risk gauges for Credit Suisse and other European banks rise to crisis levels
European markets: Here are the opening calls
European markets were set to rebound on Thursday after a volatile trading session in which stocks fell sharply on Wednesday.
British FTSE 100 German index poised to open 73 points higher at 7,405 Dax index France up 217 points to 14,947 CAAC Up 118 points to 6,993, Italy FTSE MIB It rose 443 points to 25,517, according to IG data.
European markets on Thursday focused on the European Central Bank’s latest monetary policy decision. As ECB President Christine Lagarde previously hinted, the central bank is expected to announce a 50 basis point rate hike as inflation remains elevated.
— Holly Elliott