Today: Friday, 24 May 2024 year

Swiss prosecutors are investigating the takeover of Credit Suisse by UBS.

Swiss prosecutors are investigating the takeover of Credit Suisse by UBS.

The Swiss Attorney General’s Office said it had opened an investigation into possible irregularities in the takeover of Swiss bank Credit Suisse (CS) by rival UBS.

“The Swiss Attorney General’s Office took note of the media coverage of the CS-related events of the last few days and conducted an assessment of the situation with all domestic departments involved. In addition, contacts were made with national and cantonal authorities. During this process, decrees were also issued on investigation,” the ministry’s press service said.

They added that the Prosecutor General’s Office has created a monitoring system to take immediate action in the event of circumstances related to its field of activity.

“The Attorney General’s Office seeks to gain an overview of the numerous aspects of the CS-related events – especially those that have been described in the media – as well as … evaluate the information available. This was done in order to analyze and identify any criminal offenses that may fall under under the competence of … the Prosecutor General’s Office,” the department noted.

Credit Suisse was founded in 1856. The bank, which operates in 50 countries, employs about 48,000 people. In mid-March, the value of Credit Suisse shares on the stock exchange fell by a quarter. On March 19, Switzerland’s central bank announced that the country’s largest bank, UBS, was acquiring the struggling Credit Suisse for 3 billion francs ($3.2 billion).