Switzerland’s federal prosecutor has said that it wants to identify any criminal offenses related to the recent UBS-Credit Suisse merger.

Last month it was announced that Credit Suisse would merge with rival Swiss bank UBS in a rescue deal worth over $3 billion.

The move came after shares at Credit Suisse plummeted by 20 per cent in the wake of Silicon Valley Bank’s collapse, which spooked investors throughout the financial market.

The bank’s top shareholder, Saudi National Bank, also confirmed that it would not provider further capital for the bank were there a call for more liquidity.

Following negotiations, Credit Suisse said that it would be in the “best interests” of their shareholders and their stakeholders to enter into the merger solution.

The Office of the Attorney General of Switzerland (OAG) said that after taking note of recent media coverage of the events surrounding Credit Suisse, it carried out an assessment of the situation and issued investigation orders.

“In view of the relevance of the events, the Office of the Attorney General wants to proactively fulfil their mandate and their responsibility to contribute to a clean Swiss financial centre and has set up a monitoring system so that they can take action immediately on any issues that fall within their area of responsibility,” wrote the OAG in a statement.

The organisation added that it wants to get an overall overview of the events surrounding Credit Suisse, particularly those described in the media.

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