UBS needs RBI approval to operate Credit Suisse as a bank in India

This is because UBS had surrendered its bank licence about a decade back after the banking regulator denied its request to offer wealth management services

Zurich-headquartered UBS, which is acquiring Credit Suisse in an all-share deal, will have to seek the Reserve Bank of India’s (RBI’s) approval to continue with Credit Suisse’s bank licence, informed sources familiar with the development.

This is because UBS surrendered its bank licence about a decade ago after the banking regulator denied its request to offer wealth management services.

Credit Suisse has a licence in India to operate as a foreign bank.

UBS was mired in controversy in connection with a multi-crore money laundering scam allegedly by Pune-based stud farm owner Hasan Ali Khan. UBS, however, denied any dealings with