Credit Suisse takeover by UBS under investigation by Swiss Justice

Credit Suisse shares had been hit hard after the collapse of several regional banks in the United States. “The acquisition is the best solution to protect the Swiss economy, but also to ensure the stability of the global financial system,” said Swiss President Alain Berset at the time.

“The acquisition of Credit Suisse by UBS is the best solution to ensure financial stability and protect the Swiss economy in this exceptional situation,” the Swiss government said. So now the federal prosecutor in Switzerland is starting an investigation.

The purpose of the investigation is to determine whether government officials, supervisors and executives at both banks have violated Swiss criminal law. There were “numerous aspects of events surrounding Credit Suisse” that warrant an investigation, the Swiss prosecutor says.

Those aspects are now being analyzed to identify any “crimes that fall within the powers of the prosecution”.