Fair-trade regulator Competition Commission of India (CCI) on Thursday cleared the proposed merger of Credit Suisse Group AG with UBS Group AG.
Both Credit Suisse Group AG (Credit Suisse) and UBS Group AG (UBS) are multinational investment banks and financial services companies founded and based in Switzerland.
The transaction entails UBS' proposed acquisition of Credit Suisse by way of an absorption merger with UBS being the surviving legal entity, according to CCI.
Post transaction, all Credit Suisse's assets, liabilities, and contracts will be transferred to UBS in their entirety.
The proposed transaction has been necessitated due to Credit Suisse's financial difficulties, CCI said.
Deals beyond a certain threshold require approval from the regulator, which keeps a tab on unfair business practices in the marketplace.
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