Fair trade regulator CCI on Tuesday approved 360 ONE group's proposal to acquire certain businesses of Switzerland-based multinational investment bank UBS AG.
"The proposed combination comprises acquisition of portfolio management services business of Credit Suisse Securities (India) Pvt Ltd in India by 360 ONE Portfolio Managers Ltd and stock broking services and financial product distribution services of CS Securities by 360 ONE Distribution Services Ltd (360 Distribution)," the Competition Commission of India (CCI) said in a release.
Credit Suisse Securities (India) is a step-down wholly-owned subsidiary of UBS AG.
CCI said it has also cleared a loan portfolio which forms part of lending and financing business of UBS Finance India Pvt Ltd, undertaken as a systematically important non-deposit taking non-banking financial company by 360 ONE Prime Ltd.
Additionally, the competition watchdog approved UBS AG's subscription to warrants of 360 ONE WAM representing a 4.95 per cent of the paid up share capital.
"CCI approves acquisition of certain businesses of UBS AG by 360 ONE entities," the regulator said in a post on X.
In April this year, UBS announced that it entered into an exclusive strategic collaboration with 360 ONE WAM.
As part of the collaboration, UBS will transfer its onshore wealth management business in India to 360 ONE.
Further, UBS will acquire warrants for a 4.95 per cent stake in 360 ONE.
"With this transaction, it opens the way for a global, personalised, and sophisticated wealth management experience for both sets of clients as well as significant value enhancement to our employees and shareholders," Akhil Gupta, Chairman of 360 ONE WAM, said.
The deals beyond a certain threshold require approval from the regulator, which keeps a tab on unfair business practices as well as promotes fair competition in the marketplace.
"The proposed combination comprises acquisition of portfolio management services business of Credit Suisse Securities (India) Pvt Ltd in India by 360 ONE Portfolio Managers Ltd and stock broking services and financial product distribution services of CS Securities by 360 ONE Distribution Services Ltd (360 Distribution)," the Competition Commission of India (CCI) said in a release.
Credit Suisse Securities (India) is a step-down wholly-owned subsidiary of UBS AG.
CCI said it has also cleared a loan portfolio which forms part of lending and financing business of UBS Finance India Pvt Ltd, undertaken as a systematically important non-deposit taking non-banking financial company by 360 ONE Prime Ltd.
Additionally, the competition watchdog approved UBS AG's subscription to warrants of 360 ONE WAM representing a 4.95 per cent of the paid up share capital.
"CCI approves acquisition of certain businesses of UBS AG by 360 ONE entities," the regulator said in a post on X.
In April this year, UBS announced that it entered into an exclusive strategic collaboration with 360 ONE WAM.
As part of the collaboration, UBS will transfer its onshore wealth management business in India to 360 ONE.
Further, UBS will acquire warrants for a 4.95 per cent stake in 360 ONE.
"With this transaction, it opens the way for a global, personalised, and sophisticated wealth management experience for both sets of clients as well as significant value enhancement to our employees and shareholders," Akhil Gupta, Chairman of 360 ONE WAM, said.
The deals beyond a certain threshold require approval from the regulator, which keeps a tab on unfair business practices as well as promotes fair competition in the marketplace.
You may also like
JP Nadda to visit disaster-hit Himachal areas
Mumbai News: Uber 'Premier' Ride Sparks Outrage After Passenger Shares Filthy Car Images, Stench Of Paan And Garbage Inside
Dua Lipa Turns Dreamy Swan In Feathered Schiaparelli Gown In Paris
Uber Unveils Rider-Focused Upgrades In India, Including Price Lock, Uber For Seniors And Metro Integration
Wimbledon chiefs suffer humiliation again as major technology failure causes controversy
