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Credit Suisse shares soar after central bank aid announced
Updated On: 17 March, 2023 07:44 AM IST | Geneva | Agencies
They plunged 30pc on SIX stock exchange after its biggest shareholder said it would not put more money into it
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People walk past the entrance of Swiss bank Credit Suisse in Zurich, Switzerland Thursday. Pic/AP
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.
It was a massive swing from a day earlier, when shares of Switzerland’s second-largest commercial bank plunged 30% on the SIX stock exchange after its biggest shareholder said it would not put more money into Credit Suisse. That dragged down other European banks after collapse of some U.S. banks stirred fears about the health of global banks. Shares of France’s Societe Generale SA and BNP Paribas as well as Germany’s Deutsche Bank and Britain’s Barclays Bank were up Thursday after big drops a day earlier.
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