UBS, Credit Suisse drop after Swiss prosecutor probes takeover deal

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03-04-2023 | 08:51
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UBS, Credit Suisse drop after Swiss prosecutor probes takeover deal
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UBS, Credit Suisse drop after Swiss prosecutor probes takeover deal

Credit Suisse (CSGN.S) and UBS (UBSG.S) shares fell on Monday after Switzerland's Federal Prosecutor opened an investigation into the emergency merger of the two lenders.

The office of the attorney general said on Sunday that the prosecutor opened an investigation into the state-backed takeover of Credit Suisse by UBS Group last month, looking into potential breaches of the country's criminal law by government officials, regulators and executives at the two banks.

UBS and Credit Suisse were each set for their biggest daily decline in 10 days, down 3.5% and 4% respectively and largely underperforming the European banking index (. SX7P), up 1.2% on the day.

The banks declined to comment on the investigation.
 
 

UBS

Credit Suisse

Switzerland

Prosecutor

Takeover

Deal

Banks

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