Investigation launched by Swiss attorney general into UBS Credit Suisse acquisition

The Swiss Attorney General’s Office said it had opened an investigation into possible abuses committed during UBS’s takeover of rival Swiss bank Credit Suisse.

The Prosecutor General’s Office told RIA Novosti: “The Swiss prosecutor’s office took into account the media coverage of the events of recent days related to Credit Suisse and the failure to assess the situation by all the domestic agencies involved.

The Public Prosecutor stated: “Investigations are currently underway to build an overall picture of many aspects of the events related to Credit Suisse, especially those reported in the media, as well as … to assess the information available. This is done in order to determine the presence criminal offenses under the jurisdiction of the prosecutor’s office.

Credit Suisse was founded in 1856. The bank, which has branches in 50 countries, employs about 48,000 people.

In mid-March, the value of Credit Suisse shares on the stock exchange collapsed by a quarter, and on March 19, the Swiss central bank announced that the country’s largest bank, UBS, intends to absorb Credit Suisse, which was in crisis, for 3 billion Swiss francs ($3.2 billion).

Source: RIA Novosti