The Swiss Financial Market Supervisory Authority (FINMA) is contemplating if it should initiate disciplinary action against the managers of Credit Suisse, which was bought by UBS last week in a rescue bid, reported Reuters.

Talking to the Swiss newspaper NZZ am Sonntag, FINMA president Marlene Amstad said that the regulator is ‘still open’ to the possibility of commencing new proceedings against the bank.

Although, its primary focus was on ‘the transitional phase of integration’ and maintaining ‘financial stability’.

A week back, UBS entered a deal to purchase Credit Suisse for CHF3bn ($3.26bn) and to takeover up to CHF5bn in losses incurred by the embattled bank.

The deal, which saved the bank from collapsing, was brokered by the Swiss authorities amid a slump in banking across the globe.

Credit Suisse refused to provide updates on the comments made by the FINMA president.

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Amstad was quoted by NZZ as saying: “CS had a cultural problem that translated into a lack of responsibilities.

“Numerous mistakes were made over several years.”

In recent time, the Swiss regulator undertook six public ‘enforcement proceedings’ against Credit Suisse, added Amstad.

Regarding those earlier probes, she said: “We have intervened and used our strongest instruments.”

Amstad also defended Switzerland’s decision to write down the entire CHF16bn of Credit Suisse Additional Tier 1 (AT1) debt as part of the obligatory merger between UBS and Credit Suisse.

Amstad added: “The AT1 instruments contractually provide that they will be fully written off in the event of a trigger event, in particular the granting of extraordinary government support. “The bonds were created precisely for such situations.”