Swiss bank UBS today said it has appointed Oscar Balcon as chief executive officer (CEO) of its wealth management business in India.
"In October last year, the group executive board approved the long-term strategic plans for UBS India including the build-out of an important domestic wealth management business on the subcontinent. Since then, the foundations have been laid rapidly and the core wealth management platform has been built. UBS is delighted to welcome Oscar Balcon as CEO wealth management India, starting on the ground in Mumbai today after his relocation from Singapore," the bank said in a statement.
UBS already offers equities, funds and cash products to its domestic clients. It plans to introduce sophisticated lending solutions for residents as well as non-resident Indians soon.
"UBS has clear plans to grow its client franchise in India and high ambitions to become the premier wealth management provider in this fast-growing market. To reinforce our growth ambitions, we have recently hired a number of senior relationship managers and cluster heads," it said.
