Credit Suisse will borrow up to about $54 billion from the Swiss National Bank

Credit Suisse announced it will borrow up to 50 billion Swiss francs ($53.68 billion) from the Swiss National Bank under a secured credit facility and a short-term liquidity facility.

The decision comes shortly after the lender’s shares fell sharply on Wednesday, hitting a record low for a second day in a row, after its top investor Saudi National Bank said it will not be able to provide further assistance.

The latest moves will “support Credit Suisse’s core businesses and customers as Credit Suisse takes the necessary steps to create a simpler and more focused bank built around customer needs,” the company said in a statement.

In addition, the bank is making a cash purchase offer in relation to ten US dollar-denominated senior debt certificates for a total consideration of up to $2.5 billion – as well as a separate offer for four euro-denominated senior debt certificates for up to a total of 500 million euros, the company states.

“These moves represent a decisive action to strengthen Credit Suisse as we continue our strategic transformation to deliver value to our clients and other stakeholders,” said Credit Suisse CEO Ulrich Koerner.

“We thank the SNB and FINMA as we carry out our strategic transformation. My team and I are determined to move quickly forward to deliver a simpler and more focused bank built around customer needs,” he said.

U.S. futures rose and Dow Jones Industrial Average futures rose more than 100 points after the announcement. S&P 500 futures also rose 0.45% and Nasdaq 100 futures rose 0.54%.

Asia-Pacific banks also pared some of their earlier losses – Japan’s Topix earlier fell more than 2% and last traded 1.4% lower.

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