UBS says it remains committed to India as advisory services move

FILE PHOTO: The logo of Swiss bank UBS is seen in Zurich
FILE PHOTO: The logo of Swiss bank UBS is seen at its headquarters in Zurich, Switzerland February 17, 2021. REUTERS/Arnd Wiegmann

December 15, 2021

ZURICH (Reuters) – UBS will retain a significant onshore presence in India, the Swiss bank said on Wednesday after Bloomberg reported that it planned to move investment banking advisory services out of the country.

“We remain committed to our business in India and retain a significant presence onshore and in the region,” UBS said in an emailed statement.

Bloomberg on Wednesday reported that UBS planned to shut its global banking office in India and move investment banking coverage for the country offshore. Three staff would leave the bank, Bloomberg reported, citing a person familiar with the matter, while two others could potentially be transferred to Singapore.

A “very small number of global banking” staff would be impacted, a person familiar with the matter told Reuters, confirming that global banking clients in India would be served offshore.

However, no office would be closed, the person said.

(Reporting by Brenna Hughes Neghaiwi; Editing by David Goodman and Louise Heavens)