Swiss investment bank UBS has set up a new office in the Indian city of Hyderabad to offer additional capabilities in finance, operations and research.

Located at Aquila by Phoenix in Gachibowli, this new office will house UBS finance and operations teams.

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The company said it has hired or strategically insourced nearly 1,000 people from the local talent pool in Hyderabad to be part of these teams.

UBS already operates from offices in Pune, Navi Mumbai and in the Bandra Kurla Complex in Mumbai.

Commenting on the development, UBS India chairman and corporate services group head Harald Egger said: “UBS is in India for the long-term and has grown rapidly in the last five years with headcount increasing by 130% between 2018 and 2020. At the end of this year we will have almost 6,800 employees in the country.”

Meanwhile, the bank is reportedly reducing outsourcing to IT services firms.

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The bank will continue its collaborations with Indian tech companies including Wipro, HCL Technologies, and Cognizant even as it eyes moving work in-house, according to The Economic Times.

Egger has been quoted by the report as saying: “We are still partners with Wipro, Cognizant and HCL. We have split the things that we wanted to keep in-house and the things we wanted from partners. It has reduced a little bit with the Hyderabad office.”

Last month, UBS announced top management changes in its India operations, including the appointment of Uday Odedra as the new country head for India.

Meanwhile, earlier this year, French banking group BNP Paribas reportedly decided to close its wealth management business in India citing strategic reasons. The concerned business employs around 60 people in India.