Switzerland’s federal prosecutor has launched an investigation into whether the takeover of Credit Suisse by UBS last month involved any “criminal offences”.
The office of the attorney general said over the weekend it was looking into any potential breaches by government officials, regulators or bank executives after the emergency deal was reached to prevent a potential market meltdown. After a delayed annual report revealed "material weaknesses" for the bank and investors became nervous after the collapse of Silicon Valley Bank, Credit Suisse's share price began plummeting. The deal for UBS to buy Credit Suisse had been backed by the Swiss government, with regulators assisting with the negotiation until it was agreed on 19 March. At th...
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