India's competition commission(CCI) has cleared the proposed acquisition of several financial service operations run by Switzerland's UBS Group by entities of Mumbai-based 360 ONE Group. According to a press release by India's Press Information Bureau, the approved deal includes the transfer of three business segments. First, 360 ONE Portfolio Managers will take over the portfolio management services business of Credit Suisse Securities (India) Private Limited.

Second, 360 ONE Distribution Services will acquire the stockbroking and financial product distribution arms of the same firm. Third, 360 ONE Prime will acquire part of the loan book from UBS Finance India Private Limited, which operates as a non-banking financial company classified as systemically important and non-deposit taking.

Additionally, Switzerland’s UBS AG will subscribe to warrants in 360 ONE WAM Limited worth up to 4.95% of the firm’s paid-up equity. UBS AG, the acquiring entity, is a wholly owned unit of UBS Group AG, the global investment bank headquartered in Zurich. The company operates across multiple geographies offering wealth management, asset management and investment banking services.

India-based 360 ONE WAM is the parent of the 360 ONE Group and caters to high net-worth and ultra-high net worth individuals, along with institutional clients. Its subsidiary 360 ONE Prime offers secured loans to wealthy clients and corporates.

360 ONE Portfolio provides asset and portfolio management, including alternative investment fund solutions. 360 ONE Distribution is registered with India’s Securities and Exchange Board and the Association of Mutual Funds for stockbroking and fund distribution.

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