Swiss bank UBS AG is planning to shut down its Indian banking operations that involve fixed income, forex operations and credit services, said a media report.
The report said that UBS will only continue with corporate client service business in India, which includes mergers and acquisitions, equities and debt capital market services.
Report quoted bank's senior official as saying that the move was a part of UBS' global strategy and it is aimed at focusing on key strengths of the bank.
UBS has a banking licence in India and operates a single branch in Mumbai that focuses on the wealth management business, covering foreign exchange, fixed income and credit services.
The move comes soon after Morgan Stanley sold its wealth management business to Standard Chartered, indicating that Indian wealth management industry is going or set to go through a consolidation phase.