Reassessment of business strategy ignited decision to quit.
Swiss US financial services group UBS AG on June 21 surrendered its banking license in India and closed its banking unit covering fixed income, forex operations and credit services.
Sources said the decision to shut down operations was also driven by new Indian regulations and stringent capital rules.
UBS, however, will still continue its corporate client service business that includes mergers and acquisitions, equities and debt capital market services. This operation will be under the name UBS Securities India Private Ltd. This company will operate as a subsidiary of UBS AG.
UBS had a full-fledged banking license in India with a single branch in Mumbai and was focusing on wealth management business.
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