It has been a better day of trade for ASX 200 bank shares on Friday.
In morning trade, all of the big four banks are on course to end the week on a positive note.
Here's the state of play currently:
- The ANZ Group Holdings Ltd (ASX: ANZ) share price is up 1%
- The Commonwealth Bank of Australia (ASX: CBA) share price is up almost 1%
- The National Australia Bank Ltd (ASX: NAB) share price is up 1.5%
- The Westpac Banking Corp (ASX: WBC) share price is up 1%
The key driver of this has been a stunning gain by the Credit Suisse share price overnight.
Image source: Getty Images
What happened to the Credit Suisse share price?
The Credit Suisse share price rocketed 19% higher on the Swiss stock exchange overnight after it announced a major funding package to shore up its finances.
According to the release, the struggling bank is borrowing up to CHF 50 billion (A$81 billion) from the Swiss National Bank (SNB) under a covered loan facility and short-term liquidity facility. These are fully collateralised by high quality assets.
Credit Suisse CEO, Ulrich Koerner, appears confident that it is onwards and upwards now. He said:
These measures demonstrate decisive action to strengthen Credit Suisse as we continue our strategic transformation to deliver value to our clients and other stakeholders. We thank the SNB and FINMA as we execute our strategic transformation. My team and I are resolved to move forward rapidly to deliver a simpler and more focused bank built around client needs.
This news seems to have eased investor nerves in the sector and given ASX 200 bank shares like Commonwealth Bank a boost this morning.
