Credit Suisse has secured a £45 billion funding deal to quell jittery investor sentiment after the bank saw its shares plummet by 20 per cent on Wednesday.

Switzerland’s central bank granted the funds following the Securities and Exchange Commission's (SEC) concerns over its past financial statements, which led the bank to uncover “material weaknesses” in its financial reporting.

The move comes after shares at the bank fell to record lows when Saudi National Bank, Credit Suisse’s biggest investor, announced that it would not buy more shares in the bank if there were a call for more liquidity.

Following Swiss National Bank’s (SNB) cash injection, stock markets across Europe rebounded and Credit Suisse's share price surged by 40 per cent, according to the BBC.

Credit Suisse said that borrowing the £45 billion from SNB was an action being taken to “pre-emptively strengthen its liquidity”.

“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 need,” it said.

The bank’s investor troubles have also been exacerbated by the recent collapse of Silicon Valley Bank (SVB), which spooked investors further about the overall strength of the wider banking sector.

The bank’s chief executive, Ulrich Koerner, said that the measures demonstrate decisive action to “strengthen Credit Suisse” as it continues its strategic transformation.

“We thank the SNB and FINMA as we execute our strategic transformation,” he continued. “My team and I are resolved to move forward rapidly to deliver a simpler and more focused bank built around client needs.”

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