The Competition Commission of India (CCI) has given its approval to the proposed merger between Credit Suisse Group AG and UBS Group AG. The merger involves UBS, a Swiss-based multinational investment bank and financial services company, absorbing Credit Suisse to create a surviving legal entity. UBS offers a wide range of services globally, including wealth management, asset management, investment banking, retail, and corporate banking. In India, UBS primarily focuses on brokerage services.
On the other hand, Credit Suisse is also a Swiss multinational investment bank and financial services company that operates globally. It provides wealth management, asset management, investment banking, retail, and corporate banking services. In India, Credit Suisse mainly focuses on wealth management and investment banking.
The approval from the CCI is an important step in the merger process, as it ensures that the merger does not hinder fair market competition and prevents the consolidation of market power by the merging entities. The CCI is the primary competition regulatory authority in India and operates under the Ministry of Corporate Affairs. Its role is to promote fair market competition and prevent anti-competitive practices.
It is worth noting that the chairman of the CCI at the time of the approval was Ashok Kumar Gupta. With the merger between Credit Suisse and UBS receiving the green light from the CCI, the two companies can proceed with their plans to create a stronger and more competitive entity in the financial services industry.
