Saudi National Bank says panic over Credit Suisse is unwarranted
The chairman of Credit Suisse’s largest shareholder, Saudi National Bank, told CNBC’s Hadley Gamble that the recent market turmoil in the banking sector is “isolated” and stems from “a little bit of panic.”
“If you look at how the entire banking sector has dropped, unfortunately, a lot of people were just looking for excuses … it’s panic, a little bit of panic,” Ammar Al Khudairy said on CNBC’s “Capital Connection.”
He added that Credit Suisse has not asked Saudi National Bank for financial assistance.
“There has been no discussions with Credit Suisse about providing assistance,” he said. “I don’t know where the word ‘assistance’ came from, there has been no discussions whatsoever since October,” he said.
His comments come after Credit Suisse announced it will be borrowing up to 50 billion Swiss francs ($53.68 billion) from the Swiss National Bank to shore up liquidity and investor confidence after its stock plunged Wednesday.
– Jihye Lee
Swiss franc strengthens in volatile trade after Credit Suisse’s announcement
The Swiss franc saw continued volatility following developments around Credit Suisse – and last strengthened 0.17% against the U.S. dollar to pare earlier weakening after the lender announced to borrow nearly $54 billion from Swiss National Bank.
The Japanese yen also saw further strengthening to trade at 132.86 against the greenback. The Korean won strengthened 0.13% to 1,311.24 against the U.S. dollar.
– Jihye Lee
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Credit Suisse says it will borrow up to about $54 billion from Swiss central bank
Credit Suisse announced it will be borrowing up to 50 billion Swiss francs ($53.69 billion) from the Swiss National Bank under a covered loan facility and a short-term liquidity facility.
The steps will “support Credit Suisse’s core businesses and clients as Credit Suisse…
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