The Competition Commission of India has approved 360 ONE group’s acquisition of select businesses of UBS AG, including Credit Suisse Securities India’s portfolio management and broking services. The regulator also cleared UBS AG’s move to subscribe to 4.95% warrants in 360 ONE WAM as part of their strategic collaboration.
The Competition Commission of India (CCI) on Tuesday approved the 360 ONE group’s proposal to acquire certain businesses of Switzerland-based investment bank UBS AG.
“The proposed combination comprises an 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),”
CCI said in a release.
Credit Suisse Securities (India) is a step-down wholly owned subsidiary of UBS AG.
CCI also approved the acquisition of a loan portfolio, which is part of the lending and financing business of UBS Finance India Pvt Ltd, by 360 ONE Prime Ltd. UBS Finance India is registered as a systematically important non-deposit taking non-banking financial company.
Additionally, the regulator cleared UBS AG’s subscription to warrants of 360 ONE WAM, representing 4.95% of its 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. UBS had earlier announced in April that it had entered into an exclusive strategic collaboration with 360 ONE WAM.
As part of this collaboration, UBS will transfer its onshore wealth management business in India to 360 ONE and acquire warrants for a 4.95% stake in the company.
“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,”
said Akhil Gupta, Chairman of 360 ONE WAM.
Deals above a specified threshold require CCI’s approval, which ensures fair competition and checks unfair business practices.
Source: CNBC-TV18
