UBS surrenders Indian banking license

by CXOtoday News Desk    Jun 24, 2013

UBS

Swiss bank UBS AG will surrender its Indian banking license and close its banking unit according to reports. However, UBS will continue its corporate client service business, which includes mergers and acquisitions, equities and debt capital market services.

A source close to the bank who declined to be identified said: “That doesn’t mean that we are closing down our India operations. We will be closing a very small business unit, to focus on our key strength. It’s part of our global strategy.”

UBS has an office in Mumbai and a fully operational banking license. Indian newspapers reported on Saturday that UBS would surrender its banking license. In future they will focus on the wealth management business, covering foreign exchange, fixed income and credit services.