France extends UBS investigation into suspected illegal sales practices

The French prosecutor's office has put Swiss bank UBS under investigation for alleged complicity in suspected illegal sales practices.

Launching a formal investigation requires French authorities to have "serious or consistent evidence" pointing to probable implication of a suspect in a crime. An investigation is however no guarantee of a trial, many investigations are dropped without reaching that stage.

This follows UBS's French unit being placed under investigation a week ago, after prosecutors had questioned the unit's CEO Jean-Frederic de Leusse.