Swiss Authorities Say Probing UBS-Credit Suisse Merger

Mon Apr 03 2023
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GENEVA: Swiss prosecutors said on Sunday that they have opened an investigation into the UBS takeover of its banking rival Credit Suisse, after pressure from media leaks and federal authorities.

AFP reported that prosecutors said they have issued orders to probe the matters and also contacting local and national authorities in this regard. The inquiry will aim in order to ensure Swiss financial hub remains “clean” and detect any criminal offences within their job, they officials said.

AFP reported that a “surveillance system” has been put in place to allow prosecutors to interfere if essential.

UBS and Swiss officials

The prosecutors said that they wanted to “have a broader view of the several aspects” of the events linking to the collapse of Credit Suisse, including those reported by the media, and to “assess and secure the available source of information”.

They maintained that several bodies have been mandated with the aim of gathering information to probe the matter.

The GDP of Switzerland relies mostly on the financial sector that employees tens of thousands of people in the country.

On March 18-19, the marriage of two larger banks was organized by the government of Switzerland to prevent a global financial breakdown, after fears of contagion from the breakdown of 3 US banks.

Earlier, UBS, the Switzerland’s major bank, agreed to absorb its troubled rival for 3.25 billion dollars in an emergency agreement supervised by the Swiss central bank, the government, and the financial regulator.

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