CCI clears Credit Suisse and UBS Group merger
CCI clears Credit Suisse and UBS Group merger
The two have operations in multiple jurisdictions globally
The Competition Commission of India has cleared the proposed merger of Credit Suisse Group AG with UBS Group AG.
The duo are multinational investment banks and financial services companies founded and based in Switzerland.
The deals beyond a certain threshold require approval from the fair trade regulator, which keeps a tab on unfair business practices in the marketplace.
As per the CCI, the transaction entails UBS' proposed acquisition of Credit Suisse. The transaction was necessitated due to Credit Suisse's financial difficulties.
Accordingly, UBS becomes the surviving legal entity. Post transaction, all Credit Suisse's assets, liabilities, and contracts will be transferred to UBS.
