UBS clarifies it remains committed to India as advisory services move

UBS will retain a significant onshore presence in India, the Swiss bank said on Wednesday after Bloomberg reported that it planned to move investment banking advisory services out of the country.

"We remain committed to our business in India and retain a significant presence onshore and in the region," UBS said in an emailed statement.

Bloomberg on Wednesday reported that UBS planned to shut its global banking office in India and move investment banking coverage for the country offshore. Three staff would leave the bank, Bloomberg reported, citing a person familiar with the matter, while two others could potentially be transferred to Singapore. The moves come as the Swiss lender is making changes in other geographies. It is retreating from its South African investment-banking operations, with around eight bankers leaving, Bloomberg News reported on Friday. 

A "very small number of global banking" staff would be impacted, a person familiar with the matter told Reuters, confirming that global banking clients in India would be served offshore.

However, no office would be closed, the person said.

UBS’s surprise jump in profit in the last quarter was fueled by wealth-management fees rising the most in three years. Its pivot to wealth management over the past decade has left it with a smaller investment bank than U.S. rivals but one that has maintained high levels of profitability.