(C) Reuters. Swiss banks mull $21 billion coronavirus business loan program – Handelszeitung
By Brenna Hughes Neghaiwi
ZURICH (Reuters) – Switzerland’s major lenders are considering a 20 billion Swiss franc ($21 billion) loan program to help small businesses affected by the coronavirus outbreak, Handelszeitung reported.
Banks including Credit Suisse (S:CSGN) and UBS (S:UBSG), and possibly large local lenders Zuercher Kantonalbank and Raiffeisen, are discussing a loan program for small- and medium-sized businesses facing liquidity shortages to be provided by a fund, the newspaper reported, citing unidentified sources.
Credit Suisse (S:CSGN) Chief Executive Thomas Gottstein is spearheading the proposal, according to the report.
Credit Suisse on Saturday said it was actively communicating with the Swiss government, the Swiss National Bank and financial supervisor FINMA to examine possibilities to support Swiss small and medium enterprises through liquidity and credits.
Zuercher Kantonalbank and Raiffeisen did not immediately respond to requests for comment. UBS declined to comment.
The Swiss government on Friday said it would make 10 billion Swiss francs available in immediate assistance to support businesses hit by the coronavirus, as it ramped up its response to the widening pandemic
Swiss banks mull $21 billion coronavirus business loan program – Handelszeitung
Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.