UBS is likely to retain the Credit Suisse India unit, as per a report by Bloomberg. According to the report, the global head of wealth management at UBS, Iqbal Khan, met with Credit Suisse executives including the local lender’s wealth head Puneet Matta in Singapore. Khan then reportedly told the Credit Suisse staff that the wealth business in India is likely to be retained.
UBS has ceased its services in India in 2019. With this decision the bank can re-enter the private wealth market. This also comes at a time, when the number of billionaires in India is continuing to rise.
UBS agreed to buy its rival Credit Suisse for $3.23 billion in stock last month, and assume up to $5.4 billion in losses. As per the Bloomberg report, Credit Suisse has just over 40 wealth management employees and around 7,000 overall employees in the country. India is the second largest market for Credit Suisse outside of Switzerland. As per MoneyControl, in recent months, UBS already hired several Credit Suisse private bankers in Singapore to target India’s wealthy diaspora, including Gautam Anand, a managing director.