Switzerland's federal prosecutor has launched an investigation into whether the takeover of Credit Suisse by UBS last month involved any "criminal offences".

The office of the attorney general said over the weekend it was looking into any potential breaches by government officials, regulators or bank executives after the emergency deal was reached to prevent a potential market meltdown.

After a delayed annual report revealed "material weaknesses" for the bank and investors became nervous after the collapse of Silicon Valley Bank, Credit Suisse's share price began plummeting.

The deal for UBS to buy Credit Suisse had been backed by the Swiss government, with regulators assisting with the negotiation until it was agreed on 19 March.

At the time, the Swiss National Bank said the takeover was the best way to restore the confidence of financial markets.

However, the move caused a public outcry within the country and has since been shown to be opposed by three-quarters of Swiss citizens, with some stating it had damaged Switzerland's international reputation in finance.

The unpopularity of the move has caused massive political backlash in the country, with some arguing the public should have voted on the deal.

In statement issued yesterday (2 April), prosecutor Stefan Blättler said that there were "numerous aspects of events around Credit Suisse" that had to be investigated, to identify any possible "criminal offences".

"In light of recent events, the federal prosecutor's office wants to proactively fulfil its mission and responsibility to contribute to a clean Swiss financial centre, and has set up monitoring in order to take immediate action in any situation that falls within its area," the office of the prosecutor said.

The statement added it had contacted "national and cantonal authorities", and that "investigative orders were also issued".

Several shareholders have also launched lawsuits over the takeover with shareholders arguing that they did not get to vote on the deal, while Credit Suisse's AT1 bondholders were angered after they saw their holdings written off following the deal.

UBS has been contacted for comment.