Switzerland’s Federal Prosecutor has opened an investigation into the state-backed takeover of Credit Suisse by its larger rival UBS.
The Bern-based prosecutor is looking into potential breaches of Swiss criminal law by government officials, regulators and executives at the two banks, which agreed an emergency merger last month over the course of a frantic weekend in order to avert a potentially catastrophic financial crisis.
“The Federal Prosecutor’s office wants to proactively fulfil its mission and responsibility to contribute to a clean Swiss financial centre and has set up monitoring in order to take immediate action in any situation that falls within its field of activity,” the authority told the Financial Times.
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