Swiss wealth management giant UBS is planning to double its employee strength in India by the end of this year.

The group chief financial officer Kirt Gardner told The Economic Times that the company aims to increase its headcount to 3,000 as a part of its technology and talent strategy.

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Currently, UBS is planning to set up captive centres in India to carry out key processes rather than focusing on outsourcing.

Gardner said that the company will establish another captive centre in Pune in the Indian state of Maharashtra.

UBS already has two captive centres in the country, one at Mumbai and another at Pune.

It is also said to be evaluating the regulatory framework in order to re-enter the wealth management sector in the country.

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However Gardner did not reveal further details on the plan including the timeframe or the services that UBS plans to offer.

Last month, UBS reported a 19% increase in net profit for the first quarter of 2018 compared to the corresponding period a year ago. The net profits increased from CHF1.27bn to CHF1.51bn on a year-on-year basis.