CCI approves merger of Credit Suisse Group with UBS Group

Tags: Economy/Finance National News

The Competition Commission of India (CCI) on 18 May approved the proposed merger of Credit Suisse Group AG with UBS Group AG.

About UBS Group AG (UBS)

• UBS Group AG (UBS) is a multinational investment bank and financial services company

• It is a Switzerland based company and is active globally.

• UBS's businesses include wealth management, asset management, investment banking services, and retail and corporate banking.

• In India, UBS's business is primarily focused on brokerage services.

About Credit Suisse Group AG (Credit Suisse)

• Credit Suisse Group AG (Credit Suisse) is a multinational investment bank and financial services company established in Switzerland.

• Credit Suisse is active globally and its businesses include wealth management, asset management, investment banking services, and retail and corporate banking.

• In India, Credit Suisse's businesses include wealth management and investment banking services.

Competition Commission of India (CCI) 

• The Competition Commission of India (CCI) is the chief national competition regulator in India. 

• It was set up under the Competition Act, 2002

• It comes under the Ministry of Corporate Affairs.

• It promotes healthy market competition and prevents activities that have an adverse effect on competition in India. 

• CCI also approves combinations under the act so that two merging entities do not overtake the market.

• Headquarter - New Delhi

• Current Chairman - Ashok Kumar Gupta