Credit Suisse: shareholders’ meeting underway, focus on UBS rescue

Credit Suisse shareholders will be at the annual general meeting today to demand answers and accountability regarding the controversial takeover by UBS. Swiss authorities brokered an emergency bailout of the ailing bank by its biggest domestic rival, UBS, for just 3 billion Swiss francs, over a weekend in late March. The deal followed a collapse in Credit Suisse’s deposits and share price amid fears of a global banking crisis, but the deal remains mired in legal and logistical challenges. Neither UBS nor Credit Suisse shareholders were able to vote on the deal. In a statement on Sunday, the attorney general’s office confirmed that the Swiss federal prosecutor is investigating potential violations of Swiss federal law by government officials, regulators and senior executives at Credit Suisse and UBS. Credit Suisse shares are currently up about 1% in Zurich.