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The Swiss Prosecutor General's Office announced on Sunday the opening of an investigation into the purchase of Credit Suisse bank by rival UBS to verify that the operation has been carried out in accordance with the relevant legislation.
"The Prosecutor's Office wants to proactively fulfill its mission and responsibility to contribute to the cleanup of the Swiss financial center and has established a supervisory mechanism in this regard to take immediate action in any situation that is within its field of activity," the institution explained in a statement collected by the 'Financial Times'.
The Prosecutor's Office considers that the operation includes "numerous aspects that need to be investigated" to identify any crime that may fall within its competence.
UBS acquired Credit Suisse on March 19 after a negotiation supported by the Swiss State and estimated at 3,000 million Swiss francs (3,020 million euros).
The operation was criticized by lawmakers across the Swiss political spectrum, who reproached the government for using its emergency powers to extend taxpayer-backed financial guarantees to UBS and silencing potential shareholder opposition.
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- Switzerland
- Credit Suisse