CCI approves proposed merger of Credit Suisse Group AG with UBS Group AG

New Delhi [India], May 18 : The Competition Commission of India (CCI) on Thursday 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. 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, the statement mentioned.

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, it mentioned.

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).

Detailed order of the CCI will follow.