Signage hangs over the entrance of a Credit Suisse Group AG branch in Zurich, Switzerland, on Sunday, Sept. 25, 2022. Inflation in Switzerland has more than doubled since the start of the year and the State Secretariat for Economic Affairs expects it to come in at a three-decade-high of 3% for 2022. Photographer: Pascal Mora/Bloomberg via Getty Images
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Troubled bank Credit Suisse offered to buy back up to $3 billion of debt securities Friday.
“The transactions are consistent with our proactive approach to managing our overall liability composition and optimizing interest expense and allow us to take advantage of market conditions to repurchase debt at attractive prices,” the bank said in a statement.
This is a breaking news story and will be updated shortly.
The Swiss lender revealed debt buy-back plans and confirmed it is selling its famous Savoy Hotel in Zurich’s financial district.