Swiss prosecutors have opened an investigation into the takeover of Credit Suisse by UBS.
The Swiss attorney general’s office said on Sunday the probe would ‘analyse and identify’ any criminal offences that may have been committed, with numerous aspects around the events leading up to the acquisition set to be investigated.
In a statement, Switzerland’s federal prosecutor said: “In light of recent events, 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 area.”
It follows the $3.2bn rescue deal which saw UBS agree to take over its rival on 19 March.
The acquisition had been backed by the Swiss government and Swiss regulators after Credit Suisse’s share price began to plummet in the wake of Silicon Valley Bank’s collapse. The firm’s annual report had revealed “material weaknesses” which unnerved investors.
Last week, UBS announced the re-appointment of former CEO Sergio Ermotti to oversee the integration of the two wealth management giants. He is set to succeed current chief executive Ralph Hamers on Wednesday (5 April),
See also: Managing uncertainty post-Credit Suisse: A question of weighting?
