Swiss bank UBS is shutting down its wealth management and foreign exchange business in India as part of its global strategy to conserve capital.
The bank will wind down its single branch in Mumbai over a span of two years and concentrate on its core businesses rather than on capital intensive businesses, a bank’s spokesperson told PBI.
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The bank spokesman denied it was selling off the Indian wealth management unit. UBS said there will be about 50 role redundancies, with staff being relocated outside India.
In 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.
The Indian team was focusing on the wealth management business, covering foreign exchange, fixed income and credit services.
However, UBS is not completely exiting from the Indian wealth management market as it will keep its corporate client service business, which includes mergers and acquisitions, equities and debt capital market services.
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By GlobalDataUBS began its operations in India in 2010 providing services to large organisations and wealthy individuals through lending and forex credit operations.
The decision comes after years of its attempt to own a retail bank in India, even as it has been fighting money laundering allegations.
