India’s fair trade watchdog, the Competition Commission of India (CCI), has approved 360 ONE Group’s proposal to acquire select businesses of Switzerland-based investment bank UBS AG.

As per the announcement, 360 ONE Portfolio Managers Ltd will acquire the portfolio management services business of Credit Suisse Securities (India) Pvt Ltd, while 360 ONE Distribution Services Ltd will take over its stock broking and financial product distribution services. Credit Suisse Securities (India) is a step-down wholly owned subsidiary of UBS AG.

Additionally, 360 ONE Prime Ltd will acquire a loan portfolio from UBS Finance India Pvt Ltd, a systemically important non-deposit taking non-banking financial company (NBFC).

The CCI has also cleared UBS AG’s subscription to warrants representing a 4.95 per cent stake in 360 ONE WAM’s paid-up share capital.

This approval follows the announcement in April that UBS AG and 360 ONE WAM had entered into an exclusive strategic collaboration, under which UBS agreed to transfer its onshore wealth management operations in India to 360 ONE. UBS’s acquisition of the warrants forms part of this broader partnership.

Akhil Gupta, Chairman of 360 ONE WAM, stated that the collaboration will enable clients to access global, tailored, and sophisticated wealth management services, while delivering value to employees and shareholders.

Acquisitions exceeding specified financial thresholds require approval from the CCI, which monitors market competitiveness and ensures the prevention of unfair trade practices.