To take advantage of the growing number of billionaires in India, the head of UBS's global wealth management said it will likely keep Credit Suisse's unit that serves wealthy clients there.
On a recent trip to Singapore, Iqbal Khan, the head of global wealth management at UBS met with Puneet Matta, the head of Credit Suisse's local wealth unit in the city-state. He said that UBS would likely keep the wealth business in India, according to a «Bloomberg» (behind paywall) story, citing people familiar.
While the decision on keeping the private banking unit in the UBS fold after its March 19 takeover of Credit Suisse is not final, retaining it would mark a return to a market it left in 2014. Khan ran the business for Credit Suisse before he left for UBS in 2019.
India Wealth Management
According to the report, Credit Suisse has more than 40 wealth managers in India, and 7,000 employees overall, making it the bank's second-largest presence outside of Switzerland.
In November of last year, a trio of ex-Credit Suisse bankers, Gautam Anand, Akshay Menon, and Gautam Bhargava to rival UBS, as finews.com reported.
Both UBS and Credit Suisse declined to comment to the news outlet.
