New Delhi, Jul 8 (PTI) Fair trade regulator CCI on Tuesday approved 360 ONE group's proposal to acquire certain businesses of Switzerland-based multinational investment bank UBS AG.

"The proposed combination comprises 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)," the Competition Commission of India (CCI) said in a release.

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Credit Suisse Securities (India) is a step-down wholly-owned subsidiary of UBS AG.

CCI said it has also cleared a loan portfolio which forms part of lending and financing business of UBS Finance India Pvt Ltd, undertaken as a systematically important non-deposit taking non-banking financial company by 360 ONE Prime Ltd.

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Additionally, the competition watchdog approved UBS AG's subscription to warrants of 360 ONE WAM representing a 4.95 per cent of the 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.

In April this year, UBS announced that it entered into an exclusive strategic collaboration with 360 ONE WAM.

As part of the collaboration, UBS will transfer its onshore wealth management business in India to 360 ONE.

Further, UBS will acquire warrants for a 4.95 per cent stake in 360 ONE.

"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," Akhil Gupta, Chairman of 360 ONE WAM, said.

The deals beyond a certain threshold require approval from the regulator, which keeps a tab on unfair business practices as well as promotes fair competition in the marketplace.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)