Business
Competition Commission Of India Clears Merger Of Credit Suisse With UBS Group
UBS
The Competition Commission of India (CCI) on Thursday (18 May) said that it has given its nod for the proposed merger of Credit Suisse Group with UBS Group.
"The proposed combination entails UBS’s proposed acquisition of Credit Suisse by way of an absorption merger with UBS being the surviving legal entity," the CCI said in a statement.
In India, UBS’ business is primarily focused on brokerage services, while Credit Suisse’s businesses comprise wealth management and investment banking services, the competition regulator said.
Both Credit Suisse Group and UBS Group are multinational investment banks and financial services companies founded and based in Switzerland.
Deals beyond a certain threshold require approval from the regulator, which keeps a tab on unfair business practices in the marketplace.
Earlier in March, Swiss National Bank announced that UBS, Switzerland's largest bank, would acquire Credit Suisse for approximately 3 billion Swiss francs (equivalent to $3.4 billion) through a stock purchase.
As part of the deal, UBS would also absorb a loss of 5 billion francs resulting from the closure of a portion of Credit Suisse's business.
UBS agreed to buy rival Credit Suisse after the latter witnessed massive withdrawals of money by clients following its involvement in a series of corporate collapses, reports Economic Times.
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