Switzerland’s office of the attorney general has announced that it is opening an investigation to determine if any criminal laws were violated during the recent Credit Suisse acquisition by UBS. The investigation will reportedly examine the actions of regulators, Swiss government officials, and bank executives involved in the emergency takeover in March.
According to the Guardian, which reported the news on Sunday, Swiss attorney general Stefan Blättler has already issued several information-seeking “investigatory orders” and his office has contacted various regional and national officials. There are also plans to conduct interviews with authorities who have knowledge about the acquisition.
The prosecutor suggested that the move was necessary to ensure the integrity of the Swiss financial sector:
“In light of recent events, the federal prosecutor’s office wants to proactively fulfil its mission and responsibility to contribute to a clean Swiss financial center and has set up monitoring in order to take immediate action in any situation that falls within its area.”
Last month’s Credit Suisse acquisition occurred after Swiss officials and regulators pushed UBS to negotiate a takeover of its embattled rival. According to the Guardian, the resulting merger has been met with opposition from roughly three-quarters of the nation’s citizens.
The deal is expected to cost the nation and its central bank as much as 260 billion Swiss francs, which amounts to roughly one-third of the country’s annual gross domestic product. Meanwhile, UBS has reportedly signaled a desire to reduce its workforce by roughly thirty percent as it completes the Credit Suisse acquisition.