08:23 AM EST, 12/20/2024 (MT Newswires) -- (Updates with UBS's response in the fifth paragraph and stock movement in the last paragraph.)

Swiss lawmakers blamed both regulatory authorities and managers of the former Credit Suisse for the bank's 2023 collapse, which led to a state-backed buyout by UBS (UBS), news outlets reported Friday.

The 569-page German-language report by the Swiss parliamentary inquiry commission (PUK) pinned most of the blame for the debacle on "years of mismanagement" by the bank's executives. Reuters reported that it also accused Swiss bureaucrats at the regulator Finma of being secretive and suspicious in responding poorly to the crisis.

"However, the PUK does not see any causal misconduct on the part of the authorities for the Credit Suisse crisis and finds that they prevented a global financial crisis," the report said, according to Reuters.

The Swiss government has said it will use the report's findings to shape future banking reforms.

UBS said in a statement that the report confirms that the collapse was caused by "years of strategic errors, mismanagement, and reliance on substantial regulatory concessions," adding that it has taken "significant measures" to avoid Credit Suisse's fate, including $20 billion in additional capital holdings.

UBS shares were down 0.6% in recent Friday premarket activity.