Shares of Credit Suisse maintained a strong upward momentum throughout the morning, while the increase stabilized in the first hours of trading on the exchange. Zurich stock exchange about 25% after rising to 32% shortly after the trading floor opened.
This impressive recovery from a 24% drop on Wednesday is due to the announcement that Swiss National Bank (BNS) will provide a $54 billion loan to strengthen the banking group.
The institution announced two debt buybacks for a total of $3.2 billion, which will save interest payments in the face of rising rates.
He credit swiss bank this Wednesday experienced its blackest day and suffered the greatest punishment of the stock market in 167 years of history, caused by the general distrust of banking sector after the bankruptcy of three establishments in the United States, a situation that weakened him due to his dismal results and various scandals.
Financial analysts in Switzerland believe, however, that yesterday’s atmosphere of panic – with global consequences and especially in Europe – was excessive, since the second bank in the country has characteristics that fundamentally distinguish it from the first. failed US regional banks.
During the financial crisis of 2008, the bank was classified as “systemically important” (“too big to fail”) for swiss economywhich meant imposing a set of very strict rules on his own funds and the level of liquidity he was aware of.
The bank’s CEO Ulrich Körner said “these measures are a decisive step to strengthen Credit Suisse as we continue our strategic transformation to add value to our customers and other partners.”
The CEO also noted that the bank he leads is “a global systemic bank, subject to the most stringent standards of wealth management, financing, liquidity and, more generally, publication of results. Our situation is not comparable to the situation in other organizations.”
EFE
Source: Aristegui Noticias
Roy Brown is a renowned economist and author at The Nation View. He has a deep understanding of the global economy and its intricacies. He writes about a wide range of economic topics, including monetary policy, fiscal policy, international trade, and labor markets.
