The UBS takeover of rival Credit Suisse was engineered by Swiss authorities in a bid to rein in turmoil in global banking.
The office of the attorney general said on Sunday that the prosecutor opened an investigation into the state-backed last month, looking into potential breaches of the country’s criminal law by government officials, regulators and executives at the two banks.
UBS and Credit Suisse were each set for their biggest daily decline in 10 days, falling around 4% in early trading before paring losses to stay down 2% and 1.8%, respectively. The UBS takeover of rival Credit Suisse was engineered by Swiss authorities in a bid to rein in turmoil in global banking.voiced concerns about the level of state support offered in the deal
, with nearly 260 billion Swiss francs in liquidity and guarantees offered by the government and Swiss National Bank. The UBS takeover of rival Credit Suisse was engineered by Swiss authorities in a bid to rein in turmoil in global banking.“The government underestimated how much antipathy the public in Switzerland have against the deal,” said Michael Field, Europe Market Strategist at Morningstar.Swiss daily Tages-Anzeiger reported on Sunday, citing an unnamed senior UBS manager that the bank created by takeover of Credit Suisse is poised to. The two banks combined have 120,000 staff worldwide and $1.
Separately, data showed on Monday that sight deposits held by the SNB declined last week, suggesting that Credit Suisse and UBS may have cut back on use of emergency funds offered them.Share this article:
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