CCI gives nod for UBS Group’s buy of Credit Suisse

The Competition Commission of India (CCI) has given its approval for the multi-billion dollar deal which recently saw a Swiss investment bank UPS Group AG Agree to buy its competition crisis Credit Suisse AG For $3.2 billion (3 billion Swiss francs).

CCI agrees Proposed merger between Credit Suisse AG and UBS Group AGThe Competition Commission of India (CCI) tweeted on Thursday.

He may remember that the Swiss National Bank announced on March 19 that UBS would buy Credit Suisse for CHF3 billion in shares and take a CHF5 billion loss stemming from part of the ailing business.

All shares were dealt with by the Swiss government and the Swiss Financial Market Supervisory Authority.

The Swiss National Bank (the central bank) also backed the deal by injecting more than $104 billion in liquidity into UBS in the wake of the deal.

Many banking industry observers and experts viewed this huge deal as a hasty one. In fact, UBS Group has now admitted before the US Securities and Exchange Commission (SEC) that it has less than four days to conduct due diligence in light of the emergency transactions.