UBS weighs wealth tie-up to compete in Indian market

UBS Group AG is exploring various partnership options for wealth management in India to tackle the intensely competitive environment, according to people with knowledge of the matter. The Swiss bank has held early-stage internal discussions about possibilities including buying a stake in a local firm to form a joint venture, the people said, asking not to be named discussing private information. While no decisions have been made so far, the idea is such a tie-up will ease the efforts of growing what is a very small business by extending its reach to the wealthy in India, they said. A spokesperson for UBS declined to comment. + Get the most important news from Switzerland in your inbox India’s massive wealth generation has attracted a slew of global banks, though they face intense competition from local incumbents who already have big teams and distribution channels. UBS, which exited India’s onshore wealth business about a decade ago, has been integrating the Credit Suisse team it ...