Cyril Amarchand Mangaldas (CAM) advises UBS AG and Credit Suisse AG, with respect to regulatory requirements in India for the overseas merger of Credit Suisse AG with UBS AG, on account of RBI and SEBI licenses held by Credit Suisse AG bank branch (i.e. Credit Suisse AG, Mumbai branch) and subsidiary (i.e. Credit Suisse Finance (India) Private Limited) in India, and absorption of the operations of Credit Suisse AG, Mumbai branch pursuant to the overseas merger of Credit Suisse AG (“CS AG”) into UBS AG.
The transaction involved the absorption of regulated entities in India i.e. the CS AG Mumbai Branch which was undertaking business as a bank branch and as a depository participant in India and Credit Suisse Finance (India) Private Limited which is an NBFC registered with the RBI and therefore involved obtaining requisite approvals/ licenses from the RBI, SEBI, and NSDL.
CAM acted as India advisor, in this overseas merger, which required obtaining coordinated approvals from regulators within strict timelines.
The General Corporate and Securities Regulatory Practice team of Cyril Amarchand Mangaldas advised on the matter. The transaction was undertaken under the overall guidance of Cyril Shroff, Managing Partner; and Nivedita Rao, Senior Partner.
The transaction team was led by Ramgovind Kuruppath, Partner; Gazal Rawal, Partner; and Rutu Gandhi, Partner; with support from Megha Krishnamurthi, Principal Associate; Pratiksha Arekar, Senior Associate; Surabhi Saboo, Senior Associate; Pruthvi Jasani, Associate; Suneha Kasal, Associate; Yash Mukadam, Associate.
Mr. Anand Sinha, Senior Advisor; and Ms. Lily Vadera, Senior Advisor; provided strategic inputs and guidance on RBI- related aspects.
Mr. Ranganayakulu Jagarlamudi, Senior Advisor; provided strategic inputs and guidance on SEBI-related aspects.
Mr. Manmohan Juneja, Senior Advisor; provided strategic inputs and guidance on MCA-related aspects.
Team led by Bishen Jeswant, Partner; with support from Krithika Radhakrishnan, Principal Associate; Himaa Sudhir, Senior Associate; assisted with employment law related advice.
Shreya Rajasekaran, Associate; and Chhavi Singh, Associate; also provided support on the transaction.
Other parties and advisors to the transaction included Freshfields Bruckhaus Deringer, who acted as global legal advisors for UBS Group AG.
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