NEW DELHI: UBS Group AG is thinking about keeping Credit Suisse Group AG’s inner most banking unit in India after the emergency rescue of its smaller rival final month, paving the way in which for a possible go back to the marketplace.
Iqbal Khaninternational head of wealth control at UBS, met with opposite numbers at Credit Suisse together with the lender’s native wealth head Puneet Matta in Singapore in contemporary weeks, in line with folks conversant in the topic, who requested to not be known discussing inner most data.
Khan informed Credit Suisse group of workers that the wealth industry in India would most probably be retained, they stated. The concerns aren’t ultimate, the folks stated.
UBS declined to remark, as did a spokesperson for Credit Suisse.
The transfer would give Switzerland’s largest lender a more potent foothold a few of the rising ranks of Indian billionaires whilst underscoring a go back for Khan to a industry he as soon as oversaw in his time at Credit Suisse earlier than he left for UBS in 2019. By 2014, UBS had opted to go out India’s private-wealth marketplace along side different main companies.
The merger will see huge portions of Credit Suisse’s funding financial institution wound down in addition to choices round which of the company’s executives, wealth managers and funding bankers will probably be saved.
Credit Suisse has simply over 40 wealth control workers in India, and round 7,000 folks general within the nation, in line with a spokesperson for the financial institution.
Overall, India is the second-largest footprint for Credit Suisse outdoor of Switzerland, in line with the financial institution’s web site.
In contemporary months, UBS has already employed a number of Credit Suisse inner most bankers in Singapore to focus on India’s rich diaspora, together with Gautam Anand, a managing director.
Iqbal Khaninternational head of wealth control at UBS, met with opposite numbers at Credit Suisse together with the lender’s native wealth head Puneet Matta in Singapore in contemporary weeks, in line with folks conversant in the topic, who requested to not be known discussing inner most data.
Khan informed Credit Suisse group of workers that the wealth industry in India would most probably be retained, they stated. The concerns aren’t ultimate, the folks stated.
UBS declined to remark, as did a spokesperson for Credit Suisse.
The transfer would give Switzerland’s largest lender a more potent foothold a few of the rising ranks of Indian billionaires whilst underscoring a go back for Khan to a industry he as soon as oversaw in his time at Credit Suisse earlier than he left for UBS in 2019. By 2014, UBS had opted to go out India’s private-wealth marketplace along side different main companies.
The merger will see huge portions of Credit Suisse’s funding financial institution wound down in addition to choices round which of the company’s executives, wealth managers and funding bankers will probably be saved.
Credit Suisse has simply over 40 wealth control workers in India, and round 7,000 folks general within the nation, in line with a spokesperson for the financial institution.
Overall, India is the second-largest footprint for Credit Suisse outdoor of Switzerland, in line with the financial institution’s web site.
In contemporary months, UBS has already employed a number of Credit Suisse inner most bankers in Singapore to focus on India’s rich diaspora, together with Gautam Anand, a managing director.