On April 12, UBS Group is considering retaining the latter’s Indian private banking subsidiary after emergency rescue of Credit Suisse Group last month, paving the way for a possible return to the market later.
In recent weeks, UBS’s global head of wealth management, Iqbal Khan, has met with Credit Suisse officials in Singapore, including Credit Suisse’s head of wealth management in India, Puneet Matta, according to people familiar with the matter.
Khan told Credit Suisse staff that the Indian wealth management business is likely to remain. People familiar with the matter said the decision was not final.