South Korea's Fair Trade Commission (FTC) has approved the merger of Swiss investment banks UBS Group and Credit Suisse Group, citing that the takeover is unlikely to limit competition in the Korean market. Both firms have a modest market presence in the country, making it improbable for them to disrupt the operations of other competitors or raise prices. The merger has been supported by the Swiss government and approved by other countries' antitrust regulators, including the US, Canada, Japan, and Brazil, to avert a potential global financial shockwave from Credit Suisse's collapse. The European Union is still evaluating the deal. The FTC aimed for a swift decision to prevent overseas uncertainties from impacting the local financial market.