Swiss federal prosecutors said they had opened an inquiry into the UBS takeover of its embattled banking rival Credit Suisse, following pressure from federal authorities and media leaks. | AFP
The prosecutors added that they wanted to “have an overall view of the many aspects” of the events relating to the near-collapse of Credit Suisse, including those reported in the media, and to “secure and assess the available information”.
Credit Suisse shares had tumbled and the second largest bank in the country was in danger of failing, sparking fears of turmoil on markets and the financial sector worldwide. UBS, the country’s largest bank, agreed to absorb its troubled rival for $3.25 billion in an emergency deal supervised by the government, the Swiss central bank and the financial regulator.
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