(a) whether any foreign bank has decided to surrender its banking licence and close
its units in the country in the recent past;
(b) if so, the details thereof, bank-wise, along with the reasons attributed by these
banks in this regard; and
(c) the manner in which the Government proposes to safeguard the interest/ welfare of
the employees of the banks?
THE MINISTER OF STATE IN THE MINISTRY OF FINANCE (SHRI NAMO NARAIN MEENA)
(a) and (b): Keeping in view the accelerated implementation of UBS`s Group strategy to increase
focus on core strengths in each country and exit capital intensive businesses, the UBS AG bank
has decided to reposition its forex, Rates and Credit business globally and has consequently
decided to wind down its bank branch at Mumbai in India. While India remains an attractive
market, UBS has come to a conclusion that as it continues in its efforts to optimize capital
and balance sheet consumption, it will be difficult to implement its business plan for the bank
branch in Mumbai in the form originally planned. However, UBS AG has stated that while the bank
would be exiting the bank branch in India, it remains committed to India in the areas of its
core strength. UBS would also seek to re-establish a representative office in India to maintain
its ties with corporate clients and local banks which UBS services globally as part of its trade
finance business run out of Switzerland.
(c): UBS AG has indicated to ensure that the winding down of business is done in an orderly
manner and in the best interests of its clients and employees as well as the Indian market