Credit Suisse Group AG and UBS Group AG’s proposed merger approved by CCI
The Competition Commission of India (CCI) has granted approval to the proposed merger of Credit Suisse Group AG and UBS Group AG. UBS Group AG, a Swiss-based multinational investment bank and financial services company with global operations, provides wealth management, asset management, investment banking services, retail and corporate banking. In India, UBS primarily focuses on brokerage services.
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Merger of Credit Suisse Group AG and UBS Group AG UBS Group AG: Key Points
- Credit Suisse Group AG, another Swiss multinational investment bank and financial services company with a global presence, provides wealth management, asset management, investment banking services, and retail and corporate banking.
- In India, Credit Suisse focuses on wealth management and investment banking services. The proposed merger will involve the absorption merger of Credit Suisse by UBS to create a surviving legal entity.
Credit Suisse Group AG (Credit Suisse): About
- Credit Suisse Group AG, also known as Credit Suisse, is a Swiss-based multinational financial services and investment bank company that operates globally.
- Its diverse range of businesses includes wealth management, asset management, investment banking services, and retail and corporate banking.
- In India, Credit Suisse mainly provides wealth management and investment banking services.
UBS Group AG (UBS): About
- UBS Group AG, also a Swiss-based company, is a multinational financial services and investment bank firm with a global presence.
- UBS’s range of businesses includes wealth management, asset management, investment banking services, and retail and corporate banking.
- In India, UBS primarily focuses on brokerage services.
Competition Commission of India (CCI): About
- The primary competition regulatory authority in India is the Competition Commission of India (CCI), established in accordance with the Competition Act of 2002.
- The CCI falls under the purview of the Ministry of Corporate Affairs and is responsible for upholding fair market competition and thwarting activities that hinder competitiveness within India.
- The commission also sanctions mergers and acquisitions to prevent the consolidation of market power by merging entities.
- The present Chairman of the CCI is Ashok Kumar Gupta.
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