UBS shuts down Indian banking unit

Reassessment of business strategy ignited decision to quit.

Swiss US financial services group UBS AG on June 21 surrendered its banking license in India and closed its banking unit covering fixed income, forex operations and credit services.

Sources said the decision to shut down operations was also driven by new Indian regulations and stringent capital rules.

UBS, however, will still continue its corporate client service business that includes mergers and acquisitions, equities and debt capital market services. This operation will be under the name UBS Securities India Private Ltd. This company will operate as a subsidiary of UBS AG.

UBS had a full-fledged banking license in India with a single branch in Mumbai and was focusing on wealth management business.

Also Read

Krungthai Bank to temporarily shutter Thepprasit Road (Pattaya) branch

Thailand’s Krungthai Bank temporarily closes two branches

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

I want to download the media kit

Top News

What is Lorem Ipsum?

What is Lorem Ipsum? Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.

Evergreen Group obtains financing license to expand in Malaysia