Credit Suisse shares soared more than 30% on Thursday morning, after the bank announced that it will borrow up to 50 billion Swiss francs ($54 billion) from the Swiss National Bank.

The embattled Swiss lender announced late on Wednesday that it would exercise its option to borrow from the central bank under a covered loan facility and a short-term liquidity facility.

The SNB and the Swiss Financial Market Supervisory Authority said in a statement Wednesday that Credit Suisse "meets the capital and liquidity requirements imposed on systemically important banks."

Shares of Credit Suisse plunged to a fresh all-time low for the second consecutive day on Wednesday, after top investor the Saudi National Bank said that it would not be able to provide it any more cash due to regulatory restrictions.

This is a developing story and will be updated shortly.