Swiss bank UBS will surrender its banking licence in India, which includes exiting its fixed income business, forex operations, and credit services which are capital intensive.
However, UBS will continue its corporate client service business, which includes mergers and acquisitions, equities and debt capital market services.
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"UBS is in the process of trimming its operations here and has moved the RBI today in this direction. The move is a part of its global plan to be present in the capital light businesses to conserve capital and quit capital intensive businesses," a person with direct knowledge of the development told news agency PTI.
The decision to surrender the banking licence is in line with the group’s global strategy of conserving capital and wind up its capital intensive businesses, the source added.
UBS has a full-fledged banking license in India with a single branch in Mumbai and was focusing on the wealth management business, covering foreign exchange, fixed income and credit services.
The decision comes after years of its attempt to own a retail bank here, even as it has been fighting money laundering allegations.
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By GlobalDataIn May, Morgan Stanley signed an agreement to sell its Indian wealth management unit to Standard Chartered, though the financial terms of the deal were not disclosed.
