Switzerland's Federal Prosecutor has opened an investigation into the state-backed takeover of Credit Suisse by UBS Group, the Financial Times reported on Sunday. The Bern-based prosecutor is looking into potential breaches of Swiss criminal law by government officials, regulators and executives at the two banks, which agreed on an emergency merger last month, the report said citing the authority. There were “numerous aspects of events around Credit Suisse” that warranted investigation and which needed to be analysed to “identify any crimes that could fall within the competence of the”, the report added. Switzerland's federal prosecutor and Credit Suisse did not immediately respond to a Reuters request for comment. Last month, UBS acquired rival Credit Suisse in a deal worth 3 billion Swiss Francs ($3.3 billion).
