Swiss prosecutors probe Credit Suisse ahead of UBS takeover

The attorney general's office said Monday that it wanted to "proactively fulfill its remit and its responsibility to contribute to a clean Swiss financial sector." It said that it has set up "monitoring" that would enable it to get involved immediately if any offences were committed that come under its auspices.

The office said the probe falls short of a formal investigation and is not a criminal inquiry. The office was responding to an emailed request Monday for comment after the Financial Times reported about the probe over the weekend. The statement made no reference to UBS.Prosecutors said they want to gain an overview of the events surrounding Credit Suisse and to "secure and evaluate the available information" to analyze and identify any relevant offenses.

The takeover of Credit Suisse -- which is set to host its annual shareholder meeting in a Zurich stadium Tuesday -- has drawn both praise and criticism in the prosperous country of about 8.5 million people. Before the bank marriage was orchestrated on March 19, Credit Suisse was hemorrhaging deposits, shareholders were dumping its stock and creditors were rushing to seek repayment.

The bank faced years of troubles that predated financial turmoil spurred by the collapse of two U.S. banks, ranging from losses on hedge fund bets to fines over failing to prevent money laundering by a Bulgarian drug ring and not reporting secret offshore accounts that wealthy Americans used to avoid paying taxes.

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