Swiss prosecutors say investigating UBS-Credit Suisse merger
Swiss prosecutors are investigating the UBS takeover of Credit Suisse, following pressure from authorities and media leaks. The probe aims to identify any criminal offences and ensure Switzerland’s financial centre remains “clean.”
The merger was arranged by the government to prevent a global financial meltdown after Credit Suisse’s share price collapsed due to a series of scandals.
The rescue merger is not only “the biggest transaction” since the 2008 financial crisis but also “the first time” two systemically important banks at the global level will merge.