The takeover of Credit Suisse by UBS, which is creating one of the largest asset managers in Europe, is under investigation by authorities in Switzerland.
Last month, UBS confirmed it was moving to buy Credit Suisse, which would create a combined asset management unit with €1.5 trillion in assets under management.
Now, the $3.25 billion deal is being scrutinised by Switzerland’s federal prosecutor.
According to a statement from the authorities, there are “numerous aspects of events around Credit Suisse” that require investigation to “identify any crimes”.
UBS has declined to comment on the matter.
The deal was pursued following the collapse of the Silicon Valley Bank in the US, which raised alarm throughout the global banking sector.
Credit Suisse’s shares were impacted by this collapse, falling 33% at one point, and the Swiss central bank had to provide a 50 billion Swiss franc (€50 billion) lifeline.
The acquisition by UBS has already received the backing of the Swiss Federal Department of Finance, Swiss supervisory authority Finma, and the Swiss National Bank.
The deal has not been popular, with UBS all but confirming job losses will follow as it pursues an $8 billion reduction in annual costs by 2027.
Swiss regulators have also had to defend the deal. Finma has been criticised after wiping out €15.6 billion of AT1 Credit Suisse bonds and only protecting equity holders.
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