Credit Suisse shares jumped by over 30 percent when the stock markets opened on Thursday after the Swiss bank announced plans to borrow up to 50 billion francs (some $54 billion) from the central bank.

Credit Suisse shares were traded for 2.25 Swiss francs ($2.43) at open, up more than 30 percent from Wednesday’s close.

“This additional liquidity would support Credit Suisse’s core businesses and clients as Credit Suisse takes the necessary steps to create a simpler and more focused bank built around client needs,” the Zurich-based bank said in a statement early Thursday.

The bank’s shares plunged to a record low on Wednesday as the bank failed to relieve investors’ concerns about the spillover effect of the collapse of two US lenders — Silicon Valley Bank and Signature Bank — within days.

After Credit Suisse’s main investor Saudi National Bank on Wednesday said it was not able provide more financial assistance to the lender, its shares plummeted by 30 percent at close.

The Saudi National Bank holds nearly 10 percent of Credit Suisse shares.

CURRENTPH NEWS SERVICE