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UBS says it remains committed to India as advisory services move -Breaking

by Mike Robinson

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© Reuters.

ZURICH, Reuters -UBS said that India will continue to have a large onshore presence after Bloomberg reported it was moving its advisory and investment banking services outside of India.

UBS sent an email statement saying that they were committed to India business, and maintain a strong presence both onshore and regionally.

Bloomberg published Wednesday’s report that UBS was planning to shutter its India global banking branch and shift investment banking coverage overseas. Bloomberg said that the bank would be closing three of its Indian offices and moving investment banking coverage to Singapore. Bloomberg also quoted a source who was familiar with this matter. Bloomberg claimed two other staff could move to Singapore.

One person who is familiar with the subject told Reuters that only a small percentage of global bank staff would be affected. He also confirmed to Reuters that India’s global banking clients will be handled offshore.

The person stated that no office would close.

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