UBS Seeks Stake in Indian Wealth Management Firm 360 ONE Amid Strategic Collaboration

UBS AG has approached India's Competition Commission (CCI) for permission to acquire a 4.95% stake in 360 ONE WAM. The deal involves UBS buying warrants and acquiring Credit Suisse's Indian wealth management operations through 360 ONE. CCI's approval is awaited for transaction completion.

UBS AG, a multinational investment bank, has petitioned for approval from India's Competition Commission (CCI) to purchase a 4.95% stake in the domestic wealth management firm, 360 ONE WAM. The acquisition involves UBS subscribing to over 2 million warrants in 360 ONE, as per a securities subscription agreement.

The transaction further includes transferring parts of Credit Suisse's Indian wealth management and stock broking operations to 360 ONE. Credit Suisse India is a subsidiary of UBS, which plans to move its portfolio management services to 360 ONE Portfolio Managers, while other operations like stock broking will shift to 360 ONE Distribution Services.

UBS plans to collaborate closely with 360 ONE under an arrangement facilitating both global and local wealth management solutions. UBS asserts the deal will not adversely impact competition. CCI's approval remains pivotal for finalizing this strategic partnership.

(With inputs from agencies.)