Deals
EU Clears UBS Deal to Take Over Embattled Credit Suisse
- Commission says no significant competition issues in deal
- Combined bank will face significant competitive pressure: EC
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The Swiss government-brokered sale of Credit Suisse Group AG to UBS Group AG won European Union approval after regulators said the deal wouldn’t raise any significant competition issues.
The European Commission cleared the merger on Thursday after a quick one-month review which showed competition wouldn’t be harmed “any of the markets examined” in wealth and asset management as well as investment banking.