The Competition Commission of India (CCI) on Thursday said it has cleared the proposed merger of Credit Suisse Group AG with UBS Group AG.
“The proposed combination entails UBS’s proposed acquisition of Credit Suisse by way of an absorption merger with UBS being the surviving legal entity (Proposed Combination),” the regulator said in a statement. A detailed order will follow, it added.
In India, UBS is primarily focused on brokerage services, while Credit Suisse’s businesses comprise wealth management and investment banking services, the regulator said. Both are multinational investment banks and financial services companies, founded in and based out of Switzerland, having operations in multiple jurisdictions globally.
The Swiss National Bank had in March announced that UBS would buy Credit Suisse for 3 billion Swiss francs (roughly $3.4 billion) in stock and assume a loss of 5 billion francs stemming from closure of part of the business. UBS, Switzerland’s biggest bank, 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.
