The Competition Commission of India (CCI) has given its approval for the multi-billion dollar deal that recently saw Swiss investment bank UBS Group AG agreeing to buy its crisis ridden rival Credit Suisse AG for $ 3.2 billion (Swiss franc 3 billion).
“CCI approves the proposed merger of Credit Suisse AG with UBS Group AG”, the Competition Commission of India (CCI) tweeted on Thursday.
It maybe recalled that the Swiss National Bank had on March 19 announced UBS would buy Credit Suisse for 3 billion Swiss Francs in stock and assume a loss of 5 billion Swiss francs arising from the winding down part of business.
The all-stock deal was brokered by the Swiss Government and the Swiss Financial Market Supervisory Authority.
Swiss National Bank (central bank) had also supported the deal by pumping over $104 billion in liquidity to UBS in the wake of the deal.
This mega deal was seen by many banking industry observers and experts as a rushed transaction. In fact, UBS Group has now admitted to US SEC that it had less than four days to conduct due diligence given the emergency transactions.