"This is a crucial step in strengthening Credit Suisse as we continue our strategic transformation," the bank's chief executive Ulrich Körner said in a press release issued early Thursday morning. The venerable bank is the 17th largest in Europe.
Credit Suisse ended at minus 24 percent in Wednesday's trading on the Zurich Stock Exchange. The turbulence comes just days after a series of dramatic so-called bank runs in the US, where three niche banks failed after a wave of customers picked out their deposits.
Particularly important bank
On Wednesday evening, the Swiss central bank and the country's financial supervisory authority Finma stated that the problems for niche banks in the United States do not risk "infecting" the Swiss financial market.
And according to Finma, Credit Suisse lives up to the capital and liquidity requirements of particularly important banks, which means that the Swiss Central Bank will guarantee liquidity if required.
Credit Suisse is the first major global bank to receive emergency measures of this type since the 2008 financial crisis. The problems have raised doubts about whether central banks will be able to sustain their fight against inflation with repeated rate hikes.