Investigation opened into Credit Suisse acquisition

In the statement from the prosecution, it was emphasized that “the facts surrounding Credit Suisse have many aspects that need to be investigated and these must be analyzed to detect any crimes that may be the responsibility of the prosecution.”

The prosecution is said to have instructed national and regional authorities to search for and collect information to “analyze and detect possible crimes.”

“The Federal Prosecutor’s Office actively seeks to fulfill its mission and responsibility to contribute to a clean Swiss financial system and has set up a monitoring system to take immediate action in matters within its competence,” the statement said. It was said. The prosecution did not specify how long the investigation will take.

WHAT HAPPENED?

While the crisis of confidence in Credit Suisse created shock waves in global financial markets, UBS announced that it would buy Credit Suisse for 3 billion francs on March 19 with state and central bank support for up to $260 billion.

The Credit Suisse bailout caused volatility in European markets as bank bond prices came under pressure.

The deal, designed with government assistance to help ensure global financial stability, raised concerns about the size of a new bank with $1.6 trillion in assets.

UBS announced that former chief executive officer (CEO) Sergio Ermotti would return to work 1.5 weeks after he “urgently” bought rival Credit Suisse with government help.

The Swiss public was discussing their concerns about the extraordinary support given by the Swiss government and central bank to bail out Credit Suisse.

In a story in the Swiss newspaper Tages-Anzeiger, referring to a senior UBS manager, it was claimed that UBS’s “urgent” takeover of Credit Suisse with state support would cost tens of thousands of jobs. It was noted that the employment of the two banks, which was 120 thousand, should be reduced by 20-30 percent. (AA)