SVB collapse: Credit Suisse shares soar following two-day decline

Credit Suisse shares soared on Thursday following its announcement that it would borrow over $50 billion from the Swiss National Bank.

Shares soared up to 33%, a massive increase from Wednesday after shares declined 30% before settling at a 25% gain. The bank hit two all-time lows following the collapse of Silicon Valley Bank in the United States. While the two are not directly linked, the hit in Swiss bank stocks was amplified by investor fears regarding the California-based bank's failure.

The drop in shares from Credit Suisse, the second-largest bank in Switzerland, dragged down other European banks' shares, as well. On Thursday, European banks saw a slight recovery, with Euro Stoxx Banks rising up 1.6% and banks such as Commerzbank, Santander, UniCredit, and Raiffeisen all rising more than 2%, per the Associated Press.

Credit Suisse's largest investor, Saudi National Bank, said on Wednesday it would not provide the bank with any further assistance. The next day, the Swiss bank accepted $53.7 billion in assistance from the Swiss National Bank hours after the offer was made.