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CCI approves merger of Credit Suisse Group with UBS Group
May 19, 2023
The Competition Commission of India (CCI) on Thursday has approved the proposed merger of Credit Suisse Group AG with UBS Group AG.
The UBS Group AG (UBS) is a multinational investment bank and financial services company founded and based in Switzerland, and active globally.
According to the statement by the CCI, UBS’ businesses comprise wealth management, asset management, investment banking services, and retail and corporate banking. In India, UBS’ business is primarily focused on brokerage services.
Credit Suisse Group AG (Credit Suisse) is a multinational investment bank and financial services company founded and based in Switzerland.
Credit Suisse is active globally and its businesses comprise wealth management, asset management, investment banking services, and retail and corporate banking. In India, Credit Suisse’s businesses comprise wealth management and investment banking services.
Further, 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).
Source: Media reports
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