Executives at investment bank Credit Suisse accepted a lifeline from Swiss authorities on Wednesday as concerns of a worldwide financial crisis loom.
The Swiss investment bank, the eighth-largest in the world, had identified several “material weaknesses” with respect to risk assessment strategy in a recently published annual report. After the Saudi National Bank refused to increase its 10% stake in the company, the Swiss Financial Market Supervisory Authority and the Swiss National Bank vowed to “provide liquidity” to the “systemically important” Credit Suisse if needed.
Credit Suisse announced on Thursday that it had accepted ₣50 billion, equivalent to $53.9 billion, from the Swiss National Bank. The move will permit Credit Suisse to support core business units and clients as executives “create a simpler and more focused bank.”
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