MUMBAI: Swiss bank UBS AG will surrender its Indian banking licence and close its banking unit, covering fixed income, forex operations and credit services, a source with direct knowledge of the matter said yesterday.
However, UBS will continue its corporate client service business, which includes mergers and acquisitions, equities and debt capital market services, said the source, who declined to be identified as the information was not yet public.
“That doesn’t mean that we are closing down our India operations. We will be closing a very small business unit, to focus on our key strength,” said the source. “It’s part of our global strategy.”
UBS has a full-fledged banking license in India with a single branch in Mumbai and was focusing on the wealth management business.
Reuters
