Credit Suisse Group says it intends to borrow up to 50 billion Swiss francs ($54 billion) from the Swiss National Bank.

The bank says the move is a "decisive action" to boost its liquidity.

The decision comes the day after Swiss regulators pledged a liquidity lifeline to Credit Suisse in an unprecedented move by a central bank.

The SNB and Swiss Financial Market Supervisory Authority (FINMA) noted in a statement that Credit Suisse shares and debt securities "have been particularly affected by market reactions" in the past few days.

SWISS NATIONAL BANK SAYS IT WILL GIVE CREDIT SUISSE BACKING 'IF NECESSARY'

"Against this background, FINMA confirms that Credit Suisse meets the higher capital and liquidity requirements applicable to systemically important banks. In addition, the SNB will provide liquidity to the globally active bank if necessary," the Swiss entities said.

Shares of the Swiss lender fell by as much as 30% on Wednesday.

"Credit Suisse is taking decisive action to pre-emptively strengthen its liquidity by intending to exercise its option to borrow from the Swiss National Bank (SNB) up to CHF 50 billion under a Covered Loan Facility as well as a short-term liquidity facility, which are fully collateralized by high quality assets," Credit Suisse said in a statement.

CREDIT SUISSE SHEDS NEARLY 25%, KEY BACKER SAYS NO MORE MONEY

Global markets have been on a rollercoaster ride this week following the collapses of Silicon Valley Bank and Signature Bank.

Credit Suisse Group reported its biggest annual loss last month since the 2008 global financial crisis.

It also warned that a further "substantial" loss would come this year.

The bank is Switzerland's second biggest.

CREDIT SUISSE SHARES HIT RECORD LOW

Credit Suisse has begun a major overhaul of its business, cutting costs and jobs to revive its fortunes, including creating a separate business for its investment bank under the CS First Boston brand. 

Reuters contributed this report.