UBS Appoints Mihir Doshi To Lead Combined Business in India

UBS Group has chosen Mihir Doshi, the former head of Credit Suisse's India operations, to lead its combined business in India. This decision comes as UBS aims to strengthen its presence and expand its operations in the Indian market, Bloomberg reported.

Mihir Doshi, Credit Suisse's managing director and country chief executive since 2006, will take over as CEO of the combined organisation on July 1, according to a representative for the lender.

Doshi's hiring would signify continuity and allay fears among Credit Suisse employees in the country about post-takeover adjustments, such as redundancies.

The largest banking merger since the 2008 financial crisis, which resulted in the creation of a worldwide wealth-management colossus, was completed on Monday, nearly three months after the Swiss government mediated the deal.

"UBS has appointed Matthais Schacke, the UBS country head and chief digital & information officer, to lead the group operations and technology office of the combined entity in India", the spokesperson said.

The source also revealed that UBS will retain Credit Suisse's global banking and markets businesses in India. Furthermore, all Credit Suisse executives in India have been retained within the new organizational structure, maintaining a talented and experienced team.

Regarding future business plans and potential redundancies, the UBS spokesperson declined to comment.