UBS Ponders About Retaining Credit Suisse's Indian Unit

UBS Group AG is considering to retain private bank unit in India of Credit Suisse after the acquisition, paving the way for a potential return to the market, according to a Bloomberg report.

The global head of wealth management of UBS Group, Iqbal Khan, Credit Suisse global heads including India's wealth head Puneet Matta in Singapore in recent weeks, as per the people aware of the matter matter refusing to be identified discussed the private information.

Iqbal informed Credit Suisse staff that the UBS Group will likely retain the India's wealth business,
but the considerations aren't final, the people said. However UBS declined to comment, and also the spokesperson for Credit Suisse.

This move would make Switzerland's biggest lender a stronger foothold among the growing ranks of Indian billionaires. Also it gives Iqbal the opportunity to oversee the business at Credit Suisse, which he earlier looked after untill he left the firm in 2019, while UBS had exited the India's private-wealth market along with other major firms.

Overall, India business arm has been the second-largest footprint for Credit Suisse outside of Switzerland, according to the bank's website and has just over 40 wealth management employees in India, and around 7,000 people overall in the country, according to a spokesperson for the bank.

Through the merger the major chunk of Credit Suisse's investment bank would be wounded down and the decisions involving around which firm's executives, wealth managers and investment bankers will be kept will be seen.

At the same time, UBS already hired several Credit Suisse private bankers in Singapore to target India's wealthy diaspora, including Gautam Anand, a managing director.