Credit Suisse shares, which has sank as much as 30 percent, saw a 5.56-percent surge in after-hour trading on Wednesday in the U.S. following its announcement that it would borrow 50 billion Swiss francs ($54 billion) from the Swiss central bank.
The troubled lender's move came after the Swiss National Bank (SNB) earlier stated that it would provide a liquidity lifeline to Credit Suisse "if necessary."
Credit Suisse called this a "decisive action" to preemptively strengthen its liquidity. It said it would also repurchase some debt securities for cash of up to approximately three billion Swiss francs.
"These measures demonstrate decisive action to strengthen Credit Suisse as we continue our strategic transformation to deliver value to our clients and other stakeholders," said the bank's CEO Ulrich Koerner in a statement released on its website. "We thank the SNB and FINMA as we execute our strategic transformation," he said.
Shares of Credit Suisse tumble to all-time lows
Shares of Credit Suisse, Switzerland's second-largest bank, sank to historical lows this week and caused a ripple effect to drag down banking stocks in Europe.
The bank's 2022 annual report, which was published with a delay, revealed "material weaknesses" in internal controls over financial reporting.
Following the abrupt failure of Silicon Valley Bank, fears and panic extended to questions about which bank may be next to crack.
Issues at Credit Suisse have caught widespread investor attention, resulting in its shares being dumped and exacerbating its troubles.
Meanwhile, Swiss lender's top investor, Saudi National Bank stated that Credit Suisse has not asked for financial assistance.
"There has been no discussions with Credit Suisse about providing assistance," Ammar Al Khudairy, chairman of Saudi National Bank, said in an interview with CNBC on Thursday.
"I don't know where the word 'assistance' came from, there has been no discussions whatsoever since October," he said.