The lender, which recently surrendered its Indian banking license including fixed income, forex operations and credit services to RBI, will keep running its investment banking and equities operations under UBS Securities India.
People familiar with the development were quoted by media sources as saying, "The decision to surrender the banking licence is in line with the Group’s strategy to conserve capital and wind up its capital intensive businesses."
It is expected that the bank will apply for a new banking license in a bid to carry out wealth management business through a representative office.
UBS reported CHF988m ($1.05bn) net profit attributable to its shareholders stood for the first quarter of 2013, compared to CHF827m ($909.62m) during the corresponding period earlier year.
Operating in more than 50 nations, UBS employs approximately 63,000 staff and provides an array of financial products and services, including retail banking, private banking, and wealth management services across the globe.
