The latest on Silicon Valley Bank’s collapse and the fallout that came next in banking https://t.co/Pca75ZrFOC
— The Wall Street Journal (@WSJ) March 16, 2023
According to the lender, Credit Suisse is anticipated to borrow approximately £44.5 Billion from the Swiss National Bank to endure its resources and reserves.
The concerned financial institution announced the implementation of some crucial measures to strengthen its economic stance following a huge decline of 30 per cent in its stocks on Wednesday.
The stocks in the Swiss bank experienced a drastic collapse following an announcement by its leading shareholder, Saudi National Bank, that it would not extend any further financial support. Yet, the Swiss regulators declared that its Central bank would offer liquidity to help them alleviate these concerns.
It was followed by the Wall Street specialist, Robert Kiyosaki, who became popular for predicting the failure of Lehman Brothers and secured Credit Suisse from becoming the next major collapsed bank.
The Silicon Valley Bank collapse situation arose after the reopening of the bank for business caused red flags for the potential economic crisis due to its decline on Friday.
The new CEO of SVB, Tim Mayopoulos, encouraged its customers to continue the banking services since it is accepting new bank account opening requests and loan extensions. He holds the experience of serving Fannie Mae as a CEO who brought it back to profitability in the aftermath of the economic crisis in 2008.
Six regional financial organisations are still under close observation and tight security by regulatory officers to safeguard banks from potential risks.