Credit Switch has confirmed that UBS will not impact any of its Indian customers’ services as a result of the merger as the bank focuses on making a smooth transition.
Credit Suisse provides services like wealth management, investment banking and brokerage in India. Its offices are located in Mumbai, Pune and Gurgaon.
As of March 2022, the amount deposited in the bank is around Rs 2800 crore, of which Rs 9 to 47 crore are loans and advances and Rs 804 crore is the total income of the bank, on which the bank earns a profit of Rs 303 crore.
Last week, Switzerland-based UBS, also known as the largest banking group, signed an agreement to acquire the troubled Credit Suisse Group through government mediation for 3.2 billion dollars.
It entered into a risky Tier 1 deal worth approximately $17 billion as part of the marriage with Credit Suisse All CID.
When Blender was valued at $8 billion, Credit Suisse had reduced it by 60 percent from its previous closing price on March 17.
Last|It is believed that UBS may re-enter its acquisitions in India. UPS has operated in India for almost 1 decade.
After this he surrendered his license and left India in January 2016.
The reason for UPS leaving India’s banking industry was that it concentrated on its global plan and made it its strength.
There seems to be a possibility of some restructuring in India’s investment banking business.
However, if seen, Credit Suisse’s 1997 wrongdoing has become an old record.
This news article has been read and written from equitypandit.com .