Ravi Shankar, the head of UBS AG (UBSN)’s investment banking unit in India, left Switzerland’s biggest bank.
Shankar, 35, resigned yesterday, said Mark Panday, a spokesman for UBS in Hong Kong, in a phone interview today. The Mint newspaper reported earlier today that Shankar, who has been with UBS since 2004, had quit.
UBS will close its lending business in India to conserve capital, a person familiar with the matter said on June 21. The number of employees at UBS’s investment-banking unit in India has dropped by more than half in the past two years to 10 people, a person with knowledge of the matter said today, asking not to be identified because the details are confidential.
“India remains a core investment banking market for UBS in Asia Pacific,” Panday said, declining to comment on the headcount drop.
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