Swiss prosecutors have opened an investigation into the takeover of Credit Suisse by UBS, report says
for $3.25 billion last month in an emergency rescue deal brokered by regulators following a loss of confidence in the lender that began when its biggest investor, the Saudi National Bank, said it wouldn't put more funds in.
"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 field of activity," the authority told the FT. The group said there were"numerous aspects of events around Credit Suisse" that required investigation to"identify any crimes."Combining the two banks has created a huge institution with a balance sheet of $5.5 trillion, or aboutThat has caused political unrest in Switzerland, which is now heavily exposed to a financial institution that hasn't yet convinced markets that its Credit Suisse arm is now secure.
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