Credit Suisse announced late Wednesday that it was taking “decisive steps” to ease investor fears and borrowing up to 50 billion Swiss francs — about $54 billion. Credit Suisse stock CS, -13.94% tumbled to an all-time low on Wednesday, the move prompted by renewed fears of a global banking crisis. read more: Here’s why Credit Suisse’s failure matters to US investors Earlier on Wednesday, the Swiss National Bank said it would provide liquidity to Credit Suisse if needed. Hours later, the Zurich-based bank took the central bank up on its offer, saying in a statement on Wednesday night that it was “moving to strengthen its liquidity in advance with the intention of exercising its option to borrow from the Swiss National Bank (SNB).” facility as well as up to CHF 50 billion under the short-term liquidity facility, which is fully collateralized by high quality assets.” Credit Suisse will also make a cash tender offer in connection with 10 US dollar-denominated senior debt securities for an aggregate consideration of up to $2.5 billion. “These moves represent critical steps to strengthen Credit Suisse as we continue our strategic transformation to deliver value to our customers and other stakeholders,” Chief Executive Ulrich Koerner said in a statement. “We thank the SNB and FINMA as we implement our strategic transformation. My team and I are determined to move faster to deliver a simpler and more focused bank built around client needs. More: Credit Suisse receives promise of liquidity, but Wall Street ‘not out of the woods yet’ Credit Suisse said in its annual report on Tuesday that it had material weaknesses in financial controls. The bank has lost money for five consecutive quarters, and its wealthy customers withdrew nearly $100 billion from the bank in the fourth quarter. Its biggest investor, Saudi National Bank, said it would not provide it with further financial support, as doing so would exceed its 10% regulatory limit, sending shares lower on Wednesday, according to Reuters. The volatility followed the sudden failure of Silicon Valley Bank and Signature Bank of New York, which sent shockwaves through the banking industry. Credit Suisse’s US-traded shares have sunk 25% over the past five trading sessions and are down 73% over the past year.
