The Competition Commission of India (CCI) has approved Swiss banking group Julius Baer’s proposed acquisition of DSP Merrill Lynch’s (DSPML) wealth management and related lending businesses in India.
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Under a local purchase agreement (LPA), executed between DSPML and Julius Baer in January 2015, Julius Baer will acquire of 100% shares of Merrill Lynch Wealth Advisors (MLWA).
The deal will include transfer of the wealth management lending business of DSP Merrill Lynch Capital to Bank of America Securities (India) (BASIL) followed by the transfer of 100% share capital of BASIL to MLWA.
CCI said in its order: "It is observed that DSPML and Julius Baer are not engaged in providing similar or identical or substitutable services in the onshore Indian market either directly or indirectly.
"The proposed combination is not likely to have an appreciable adverse effect on competition in India in any of the relevant market(s)."
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