AP: Credit Suisse shares soar after central bank offers lifeline

On Thursday, the shares of Credit Suisse experienced a surge in value as the Swiss central bank announced its decision to provide the bank with a loan of up to 50 billion francs ($54 billion).

This move was intended to restore confidence in the second-largest bank in Switzerland, following the bankruptcy of two U.S. banks, the Associated Press reported.

Credit Suisse made the announcement about the loan prior to the opening of the Swiss stock market, causing the shares to surge by as much as 33%.

However, by late afternoon trading, the gain had stabilized at around 17%, with shares valued at 2 francs ($2.15). This represented a significant rebound from the previous day, when news that the bank’s largest shareholder would not be providing additional funding caused a 30% drop in Credit Suisse’s share price.

"Credit Suisse shares soar after central bank offers lifeline"
READ MORE: https://apnews.com/article/credit-suisse-banks-svb-shares-ecb-lagarde-94585aebadbf67f9a2307d3560ce502c

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