Following the takeover of Credit Suisse, UBS has made a re-entry into India’s onshore wealth market. Combined with its offshore coverage, the market has been earmarked as a «long-term strategic opportunity» for the Swiss private bank.
After the government-brokered takeover of Credit Suisse, UBS inherited and decidedly retained its India business, making a re-entry into the onshore market. Combined with its existing offshore coverage, the overall India market segment will be a key source of growth for the enlarged Swiss private bank, according to APAC wealth management co-head Jin Yee Young.
«India being one of the fastest-growing economies in the world, presents a long-term strategic opportunity for our wealth management business,» Young said in a statement. «It is critical to have a comprehensive India and non-resident Indian (NRI) strategy to holistically cover the markets and clients.»
Growth Mode
Shortly after obtaining Credit Suisse’s onshore India business, UBS sought expansion by reportedly adding at least seven relationship managers. Since then, it has also been ramping up various other engagement efforts. For example, it recently held an investment outlook event and connected with nearly 100 clients in Mumbai and Delhi.
The bank is also seeking to strengthen its offshore coverage of NRI clients which are currently being served out of Singapore, though it did not specify any targets.
Global Offering
The two-pronged growth plan for the onshore and offshore India market is becoming increasingly relevant as the country is experiencing strong economic performance while capital markets are booming. It recorded over 7 percent GDP growth in 2023 and its local equity benchmark Sensex has posted returns of more than 25 percent in the last 12 months.
«Indians are global citizens by nature. Nowadays, NRIs want to go back to India given the growth opportunities. We want to make sure we are there and help them do that,» Young said, highlighting the bank’s one-bank offering for family offices and ultra-rich clients as an example. «Many residents are also looking to go international. Clients can easily have access to both onshore and offshore offerings across our UBS offices globally.»