UBS Said to Close Commercial Banking Business in IndiaAnto Antony
UBS AG, Switzerland’s biggest bank, will close its lending business in India to conserve capital, said a person briefed on the matter.
The company will wind down its assets in the country in the next two years, the person said, asking not to be identified as the bank won’t make an announcement. UBS will focus on its investment banking business in the country, the person said.
The Zurich-based lender’s commercial banking operation in India has 57 employees and loans outstanding of 6.3 billion rupees ($106 million) as of March 31, 2012, according to central bank data.
Mark Panday, a Hong Kong-based spokesman for the lender, declined to comment on the matter.
The total loans of 40 foreign banks that operate in the country amounted to 2.3 trillion rupees as of March 31, 2012, according to data provided by the central bank.