CCI approves merger of Credit Suisse Group with UBS Group
1 min read 18 May 2023, 08:32 PM ISTThe merger, once finalized, is expected to have a significant impact on the global financial landscape
PremiumNEW DELHI : The Competition Commission of India (CCI) on Thursday granted approval for the proposed merger of Credit Suisse Group AG with UBS Group AG, two prominent Swiss-based multinational investment banks and financial services companies.
The merger, once finalized, is expected to have a significant impact on the global financial landscape.
UBS Group AG, renowned for its diverse range of financial services, including wealth management, asset management, investment banking, and retail and corporate banking, operates across the globe. In India, UBS primarily focuses on brokerage services and has established a strong presence in the market.
Credit Suisse Group AG, another Swiss banking giant with a global footprint, offers wealth management, asset management, investment banking, and retail and corporate banking services. In India, Credit Suisse excels in wealth management and investment banking.
“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 Competition Commission of India said.
This strategic move aims to leverage the combined strengths and expertise of both institutions, bolstering their competitiveness in the financial sector.
While the CCI has granted its approval, a detailed order outlining the terms and conditions of the merger will be released in due course.
