The Competition Commission of India (CCI) approves 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.

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.

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.

Merger approval clears UBS acquisition of Credit Suisse, with regulatory clearance subject to a detailed order to follow. CCI approval is granted for a cross-border merger in which UBS Group AG will acquire Credit Suisse Group AG by absorption, with UBS as the surviving legal entity; the transaction involves global banking businesses active in wealth management, asset management, investment banking and brokerage services, and a detailed CCI order and any conditions will follow.