UBS AG, the multinational investment bank, has approached the Competition Commission of India (CCI) seeking approval to acquire a 4.95 per cent stake in domestic wealth management firm 360 ONE WAM Ltd (360 ONE).In a notice filed with CCI on May 22, UBS outlined that 360 ONE WAM will issue 2,05,02,939 subscription warrants on a preferential allotment basis to UBS AG, allowing the bank to subscribe to up to 4.95 per cent of 360 ONE’s paid-up share capital, as per the terms set out in the securities subscription agreement between the two entities, PTI reported.The proposed transaction also includes the transfer of Credit Suisse Securities (India) wealth management and stock broking businesses to 360 ONE entities. Credit Suisse Securities (India) is a wholly-owned subsidiary of UBS AG.Under the deal, Credit Suisse’s portfolio management services will be transferred to 360 ONE Portfolio Managers, while stock broking and financial product distribution operations will be assigned to 360 ONE Distribution Services. Both transfers will be made as going concerns on a slump sale basis.Additionally, UBS Finance India will transfer its entire loan portfolio, part of its non-banking financial company operations, to 360 Prime under a separate agreement.The deal further includes a collaboration agreement between UBS AG and 360 ONE WAM Ltd, wherein both firms will jointly offer wealth management solutions to domestic and global clients.UBS has stated that the proposed transaction will not have any adverse impact on market dynamics in India or competition in any relevant markets. It also emphasized that it had delineated certain relevant markets, including portfolio management, stock broking, and mutual fund distribution, to assist the CCI’s assessment.In April, UBS had announced an exclusive strategic collaboration with 360 ONE, under which UBS will transfer its onshore wealth management business in India to 360 ONE, along with acquiring a 4.95 per cent stake in the firm.The deal is subject to approval from the Competition Commission of India before it can proceed to completion.