Troubled bank Credit Suisse offered to buy back up to 3 billion Swiss francs ($3.03 billion) of debt securities Friday, as it navigates a plunging share price and a rise in bets against its debt. The Swiss lender also confirmed that it is selling its famous Savoy Hotel in Zurich’s financial district, prompting some speculation that it is scrambling for liquidity. It comes after Credit Suisse’s shares briefly hit an all-time low earlier this week, and credit default swaps hit a record high, amid market’s skittishness over its future.
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