Arab News Headlines

Swiss Prosecutor Opens Investigation into Credit Suisse Takeover

The Swiss Attorney General’s Office has opened an investigation into the state-backed takeover of Credit Suisse by UBS.

“The Office of the Attorney General wants to proactively fulfill its mandate and responsibility to contribute to a clean Swiss financial center and has set up a monitoring system so that it can take action immediately on any issues that fall within its area of responsibility,” the Swiss attorney general’s office said in a statement.

The attorney general ordered national and regional authorities “to investigate and compile information” to “analyze and identify possible offenses,” the statement added.

On March 19, UBS agreed to buy Credit Suisse for more than USD3 billion with the Swiss National Bank providing more than USD100 billion of liquidity to UBS to help facilitate the deal.

Source: Qatar News Agency