ZURICH: Switzerland's parliament will probe the government-orchestrated takeover of the stricken Credit Suisse bank by larger rival UBS, in an extremely rare move, following a vote on Thursday (Jun 8). A parliamentary commission of inquiry will be established to shed light on how the Swiss authorities rapi
ZURICH: Switzerland's parliament will probe the government-orchestrated takeover of the stricken Credit Suisse bank by larger rival UBS, in an extremely rare move, following a vote on Thursday .
Like UBS, Credit Suisse was among 30 international banks deemed too big to fail due to their importance in the global banking architecture. The government feared Credit Suisse would have quickly defaulted and triggered a global banking crisis that would also have shredded Switzerland's valuable reputation for sound banking.
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