UBS Mulls Keeping Credit Suisse Private Wealth Unit Targeting India's Wealthy Diaspora

UBS Group AG UBS is reportedly looking to retain Credit Suisse Group AG's CS private banking unit in India, making way for a potential return to the market.
In recent weeks, Iqbal Khan, global head of wealth management at UBS, met with counterparts at Credit Suisse, including the lender's local wealth head Puneet Matta in Singapore, Bloomberg reported citing people familiar with the matter.
Also Read: Credit Suisse Rescue Package Retrospectively Rejected By Lower House Of Swiss Parliament — But There's A Catch.
The move would give the Swiss lender a stronger foothold among the growing ranks of Indian billionaires while underscoring a return for Khan, who steered the private wealth business during his time at Credit Suisse before joining UBS in 2019.
Credit Suisse has around 40 wealth management employees in India and around 7,000 people. According to the bank's website, India is the second-largest footprint for Credit Suisse outside of Switzerland.
The considerations aren't final, the people said. UBS and Credit Suisse declined to comment on the report to Bloomberg.
By 2014, UBS had opted to exit India's private-wealth market.
In recent months, UBS has already hired several Credit Suisse private bankers in Singapore to target India's wealthy client portfolio, including Gautam Anand, a managing director.
The $3.2 billion central-bank-brokered deal will shut off most of Credit Suisse's investment banking.
UBS Group also announced elimination of about 20 to 30% of jobs worldwide amid the takeover.
Price Action: UBS shares are down 1.42% at $21.20 on the last check Wednesday.

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