UBS Group is reportedly set to shutter its global banking office in India and shift its investment banking coverage for the country abroad.

The Swiss bank is planning to serve its clients in India through its offshore operations, Bloomberg reported citing people privy to the move.

According to the sources, the UBS employees were informed of the move this week.

One of the sources divulged that three bankers in the global banking and the advisory unit will depart the firm as part of the development while two others expected to be transferred to Singapore in the coming months.

UBS will continue its operations in global markets and research in the country, added the sources.

A spokesperson for the bank said that it intends to retain a significant presence in India and is committed to its business in the region.

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The development is seen as part of the group’s wider restructuring efforts.

Earlier this week, Bloomberg reported that the bank is planning to wind up its investment-banking operations in South Africa after sacking a number of employees in the country.

Other developments at UBS

Earlier this month, UBS extended its existing partnership with iCapital Network to augment the information and analytics on clients’ private market investments in Switzerland and Asia.

The same month, the bank named former JP Morgan senior executive Sarah Youngwood as its new group CFO.

Last month, Reuters reported that UBS agreed to a €49m settlement with Belgian tax authorities in an alleged tax evasion case occurred between 2005 and 2013.

It also opened its largest Asia Pacific office at Singapore in this November.