Swiss Bank UBS AG is winding up its banking business in India as part of its global strategy of accelerating its exit from what it describes as "capital intensive business". The group will continue to be present in India as an investment bank which will house its corporate client service business.
Although UBS had a full-fledged banking licence in India, its focus was on wealth management clients providing forex, fixed income and credit services through its single branch in Mumbai.
UBS was in the news last year when its India chief Manish Girotra, who had been face of the bank for more than a decade, put in her papers. Girotra was replaced by Aashish Kamath, who heads India operations.
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Although UBS had a full-fledged banking licence in India, its focus was on wealth management clients providing forex, fixed income and credit services through its single branch in Mumbai.
UBS was in the news last year when its India chief Manish Girotra, who had been face of the bank for more than a decade, put in her papers. Girotra was replaced by Aashish Kamath, who heads India operations.
According to data provided by RBI in its "profile of banks", UBS profit was Rs 312 crore in FY12 and Rs 579 crore in FY11.
The bank had a capital base of close to Rs 2,000 crore as on end-March 2012, including reserves and surplus. It had deposits of Rs 631 crore as on end March 2012 and investments of Rs 3,796 crore and advances of Rs 685 crore.
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