UBS' head on India is stepping down. His departure comes amid speculation that the Swiss bank is shifting its strategy in the country.
Aashish Kamat, who took over over as country head of India in 2011, is stepping down in January, according to «The Economic Times».
He will be replaced by Harald Egger, a Swiss banker who has made his name as a cost-cutter. As sourcing head based in Zurich for the past seven years, Egger pioneered moves such as ending permanent desks at UBS's offices and encouraging employees to «hot desk» to save real estate costs.
Kamat's departure appears not to be totally unplanned, according to the newspaper: he informed senior management early on of his intentions to move on and pursue other interests, the paper reported.
The former financial institutions banker said recently that UBS sees India as one of the fastest-growing wealth markets, and will have to assess if it needs to be onshore in India.
More to follow...
