Stock markets across Asia tumbled on Thursday as concerns over Credit Suisse’s troubles deepened fears of a wider banking crisis. Major indexes in Japan, Hong Kong and Australia were down over 1%, with bank shares hit particularly hard.

Credit Suisse announced it would borrow up to $54bn to bolster its finances after identifying weaknesses in its financial reporting. The bank’s shares took a hit, amplifying the situation amid concerns about risk among investors and creditors.

Professor Sayuri Shirai from Keio University said such concerns could impact on the cost of funding for small businesses globally. While some analysts suggest the banking crisis may be contained, Stephen Innes from SPI Asset Management said the situation could normalise quickly once US problems fade.