Swiss court investigates UBS purchase of Credit Suisse

federal prosecutor’s office Swiss confirmed this Sunday that it opened an investigation into the circumstances in which the acquisition of the bank took place Credit Suisse (CS) by his rival and compatriot UBSan operation encouraged by the Swiss federal authorities.

The prosecution wants to make sure that the financial center that is Switzerland is maintained.”clean”, he said in an email to AFP.

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The federal prosecutor’s officeissued orders” to start research after having done “an inventory of the situation with all the internal services involved” and have “contacted national and cantonal authorities”, he said, confirming information from the Financial Times.

“The federal prosecutor’s office wants to proactively fulfill its mandate and responsibility” to contribute to a Swiss financial system “clean” and has established “monitoring that allows you to intervene immediately if a problem arises within your area of ​​competence“, Explain.

“It is about analyzing and identifying any criminal offense that may be the” from the prosecution, continues the mail.

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On the weekend of March 18-19, UBS agreed to pay 3 billion Swiss francs ($3.2 billion) to buy Credit Suisseat 0.76 francs per share, after intensive negotiations with the Ministry of Finance, the central bank and the Swiss market supervision authority (Finma), which also offered him guarantees against any eventual surprises found in his accounts.

With this, they tried to avoid the collapse of the second bank in the country against the clock, on a tightrope due to the fear of international investors of the international financial situation, after the bankruptcy of several banks in USA.

Source: Elcomercio

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