The collapse of Silicon Valley Bank last week and two days later the Signature Bank has triggered a banking crisis in the country that has also impacted international markets.
Banks across Europe have experienced major losses while the Credit Suisse bank's top investor the Saudi National Bank announced earlier on Wednesday it would absolutely not give financial help to the bank.
The Saudi National Bank claims that the Swiss bank reported both major losses last year and the discovery of major monitoring issues.
Overnight in the US, major indexes ended largely lower, with the Dow Jones Industrial Average falling 0.9% and the S&P 500 shedding 0.7%. The Nasdaq Composite eked out a small gain, rising 0.05%.
The Swiss Financial Market Supervisory Authority (FINMA) and the Swiss National Bank (SNB) said in a joint statement that they will provide liquidity to Credit Suisse if necessary noting that the collapse of two U.S.-based banks in the last week would not affect Swiss banking.
According to the organizations, "Strict capital and liquidity requirements for Swiss financial institutions ensure their stability. Credit Suisse meets the capital and liquidity requirements imposed on systemically important banks."