MANU/PIBU/1715/2023
Department/Board : Press Information Bureau
Date : 18.05.2023
CCI approves proposed merger of Credit Suisse Group AG with UBS Group AG
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.