This Swiss Attorney General’s Office announced this Sunday that an investigation has been opened into the bank’s acquisition Credit Suisse by rival UBS To verify that the transaction is carried out in accordance with the relevant legislation. UBS, Switzerland’s first bank, bought the bank on March 19, after paying 3 billion 250 million euros, the second so far, thus avoiding bankruptcy. Although Credit Suisse’s risk of bankruptcy has created a crisis of confidence in European stock markets.
“The prosecution wants to proactively fulfill its mandate and responsibility The institution, in a statement to the Financial Times, explained that it has “established a supervisory mechanism to contribute to the cleanup of the Swiss financial center and to take urgent action in any case that falls within its scope”.
The prosecution considers the operation to include “many aspects that need to be investigated” in order to detect any crime that may fall within its jurisdiction. extending taxpayer-backed financial guarantees to UBS and silencing potential shareholder opposition.
After confirming the purchase of Credit Suisse, UBS plans to cut some loans. 36,000 jobs worldwide, representing approximately 20% and 30% of the global workforce. Both parties convened the relevant shareholders’ meeting next week to examine this issue and other details of the integration.