Credit Suisse to borrow up to 50 billion Swiss francs from Swiss National Bank

Move comes after the bank warned of significant losses following the collapse of Archegos Capital Management

Credit Suisse has announced that it will borrow up to 50 billion Swiss francs ($53.6 billion) from the Swiss National Bank to address the fallout from the collapse of Archegos Capital Management. The move comes after Credit Suisse warned of significant losses in the wake of the US hedge fund's implosion.

The Swiss bank has been grappling with the fallout from the Archegos debacle, which caused billions of dollars in losses for a number of banks that had extended financing to the fund. Credit Suisse has said that it could face losses of around $4.7 billion as a result.

In a statement, Credit Suisse said that the funding from the Swiss National Bank will "support the bank's efforts to protect the interests of its shareholders, clients and employees, and ensure continuity of its operations." The bank added that it remains committed to implementing its strategic objectives and serving its clients.

The loan from the Swiss National Bank will be secured by a guarantee from Credit Suisse, and will be repaid within a year. The move comes as Credit Suisse seeks to rebuild its reputation and restore investor confidence in the wake of the Archegos scandal.

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