Swiss prosecutors open investigation into Credit Suisse takeover
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Swiss prosecutors open investigation into Credit Suisse deal, newspaper reports The Financial Times (FT). On March 20, UBS announced the buyout of Credit Suisse shares for $3.24 billion. On March 24, the deal got interested parliamentary audit committee.
According to the FT, prosecutors are investigating possible wrongdoing by Credit Suisse and UBS, officials and regulators in the bank merger “to avoid potential financial catastrophe.”
FT sources say there were “several circumstances” linked to Credit Suisse that require an investigation to “detect any crimes.” The prosecutor’s office has already established monitoring of the activities of the credit institution, sources said.
The merger of the two largest banks in Switzerland became known March 19 This came amid years of financial troubles for Credit Suisse. The bank ended 2022 with the worst result since 2008: its loss amounted to $7.9 billion.
On March 24, the Parliamentary Audit Committee said that doubts had arisen during the discussion of the merger, in particular, on the issues of “applying existing legislation”, exploring alternative solutions, risk management.
Read more about the collapse of Credit Suisse – in the material “Kommersant” “The whole of Switzerland is in terrible turmoil”.
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