360 ONE Group Secures CCI Approval for Acquisition of UBS AG Businesses in India

The Competition Commission of India (CCI) has given the green light to 360 ONE Group's plan to acquire specific businesses from UBS AG, a Swiss multinational investment bank. This acquisition includes the portfolio management services of Credit Suisse Securities India Pvt Ltd by 360 ONE Portfolio Managers Ltd and the stock broking and financial product distribution services by 360 ONE Distribution Services Ltd.

Credit Suisse Securities India operates as a wholly-owned subsidiary of UBS AG. The CCI also approved the acquisition of a loan portfolio from UBS Finance India Pvt Ltd by 360 ONE Prime Ltd. This portfolio is part of UBS Finance's lending and financing business, which functions as a significant non-deposit taking non-banking financial company.

UBS AG's Strategic Moves

In addition to these acquisitions, UBS AG will subscribe to warrants representing a 4.95% stake in 360 ONE WAM's paid-up share capital. This move is part of a broader strategic collaboration between UBS and 360 ONE WAM, announced in April this year. As part of this collaboration, UBS will transfer its onshore wealth management business in India to 360 ONE.

UBS's acquisition of warrants for a 4.95% stake in 360 ONE is expected to enhance value for clients, employees, and shareholders. Akhil Gupta, Chairman of 360 ONE WAM, stated, "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."

Regulatory Approval Process

The CCI plays a crucial role in ensuring fair competition in the marketplace by approving deals that exceed certain thresholds. This regulatory oversight helps prevent unfair business practices while promoting healthy competition among businesses.

The CCI confirmed its approval through a post on X, stating that it has cleared the acquisition of specific UBS AG businesses by 360 ONE entities. This approval marks an important step in the strategic collaboration between UBS and 360 ONE.

This transaction signifies a significant development in the wealth management sector in India. It aims to provide clients with enhanced services while ensuring compliance with regulatory standards set by the CCI.

With inputs from PTI