Swiss Attorney General Opens Investigation After Bank Merger

The Federal Attorney General in Switzerland opened an investigation today into UBS's acquisition of smaller rival Credit Suisse, supported by the state, to address potential violations of the country's criminal law by government officials, regulatory bodies, and executives from both banks that agreed to merge urgently to avoid a collapse of the financial system. The office stated in a release that there are "numerous events surrounding Credit Suisse" that warranted the investigation and require analysis “to determine if any criminal offenses fall within the jurisdiction of the (Attorney General).” The statement added: "The Attorney General's office wants to proactively fulfill its mandate and responsibility to contribute to the integrity of the Swiss financial center and has established a monitoring system for this purpose, enabling it to take immediate action on any matters within its scope of responsibility." Sources told Reuters, "UBS is trying to complete the deal by the end of April."