Shares in Credit Suisse jumped 32% in opening trade as the Swiss banking giant said it would tap its central bank for 50 billion francs ($54 billion) and launch an offer to buy beaten-up debt. While the stock CSGN, +23.22% CS, -13.94% was stuck for volatility and came off that high, it showed that the move helped stem some of the pressure around the bank, which has lost money for five consecutive quarters. Other European bank shares SX7E, +1.55% also rose, including archrivals UBS UBSG, +4.48% and Julius Baer BAER, +5.82% . Credit Suisse has insisted that it is not in the same boat as the fallen SVB Financial, and specifically that it does not match the same period. It said it was launching a tender to buy about 3 billion francs of debt. “The transactions are consistent with our proactive approach to managing our overall liability structure and optimizing interest expense and allow us to leverage current trading levels to repurchase debt at attractive prices,” the bank said. Its CEO, Ulrich Koerner, said the move “demonstrates critical steps to strengthen Credit Suisse as we continue our strategic transformation to deliver value to our customers and other stakeholders.” Shares of Credit Suisse sank on Wednesday when the chairman of its leading shareholder, the Saudi National Bank, told Bloomberg News that he would not be buying any more stock. Saudi National Bank Chairman Ammar Al Khudairi reiterated to CNBC on Thursday that he would not be buying more shares, but also said that Credit Suisse’s pressure was unfair. “It’s panic, a little panic. I think it’s completely unfair, whether it’s for Credit Suisse or the market as a whole,” he said. He added that there had been no communication between the bank and Credit Suisse since October.
