Swiss justice has opened a criminal investigation into the state-backed takeover of banking group Credit Suisse by UBS Group, reports the British business newspaper Financial Times.
According to a report, the prosecutor in Bern is investigating potential violations of Swiss criminal law by the two banks’ government officials, regulators and directors. The groups agreed last month on an emergency merger, which disallowed bankruptcy for Credit Suisse.
The report said there are “numerous aspects of events surrounding Credit Suisse” that warrant investigation and should be investigated to “identify possible crimes,” the report said. The Swiss prosecutor’s office and Credit Suisse have not yet answered a request for comment from the Reuters news agency.
Last month, UBS took over rival Credit Suisse in a deal worth 3 billion euros.