Credit Suisse to borrow up to $54 billion from central bank after shares plunge

The national flag of Switzerland flies over a logo of the Swiss bank Credit Suisse in front of a branch in Bern, Switzerland, November 29, 2022. © Arnd Wiegmann, Reuters

Swiss bank Credit Suisse said Thursday it will move to shore up its finances, borrowing up to $54 billion from the central bank after its shares plunged, dragging down other major European lenders in the wake of bank failures in the United States.

Credit Suisse said would exercise an option to borrow up to 50 billion francs ($53.7 billion) from the central bank.