New Delhi

Switzerland's price watchdog stated that it is keeping a closer eye on UBS after it purchased Credit Suisse, due to concerns of dominating some markets.

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The regulator was talking to other regulators to discuss what this deal would mean and was paving the way for coming together.

While the competition authority in Switzerland, ComCo, was sceptical, the FINMA, the Swiss financial market regulator, did not indicate there would be competition issues.

Now, the pricing manager has evidence that UBS's growing market power might result in discriminatory pricing concerning interest rates in the loans offered.

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Indeed, Swiss companies have also complained of similar concerns. The regulator said they would expect UBS to act responsibly and not take advantage of its position in the market space. While it hoped not to intervene, it had reserved the right to act if necessary.

Meanwhile, according to Bloomberg News, another senior executive is leaving UBS Group AG's India operation as the firm continues to shape its wealth management strategy in the country, according to people familiar with the matter.

Aditya Goenka, a Mumbai-based managing director in structured lending, will join HSBC Holdings Plc's commercial banking division, said the people, who asked not to be identified because the details are private.

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UBS will make use of the Credit Suisse team it acquired to get back into India's onshore wealth management business, which it exited a little over a decade ago.

Despite thinner margins in India versus most other regions for managing client money, UBS sees opportunities in managing the business and personal assets of clients riding the booming stock market and economy.

As UBS finalises its plans, however, it has emerged as a very fertile hunting ground for rivals eyeing talent in an aggressively competitive Indian market, say sources.

In the past year since news broke of UBS' takeover of Credit Suisse, about half a dozen former executives from the latter have made their way into other firms.

The LinkedIn account said Goenka spent more than 11 years at Credit Suisse and close to eight years at Bank of America Corp.

UBS and HSBC spokespeople declined to comment, and Goenka didn't respond to requests for comment.

At HSBC, Goenka will team up with another former Credit Suisse colleague, Rajat Sabharwal.

Sabharwal ran Credit Suisse's equities business in India until the end of last year. He takes a similar role at HSBC.

Other former Credit Suisse staff have moved with Sudipto Sinha, now a business head at Angel One Wealth, and Sandipan Roy, who has become the chief investment officer at Motilal Oswal Wealth Management Ltd. LGT Wealth India, a firm backed by the Liechtenstein royal family, has brought on board Ajay Punjabi, a veteran relationship manager.

Chirag Doshi from Axis Bank is joining the company as head of fixed income business.

Vijay Shah, who was earlier heading its advisory and sales in its wealth management division, has resigned to start his business.

It had slightly over 40 employees in its Indian wealth management business and around 7,000 employees in the country overall in India, a group told Bloomberg News in April last year.

It was just about a month ago that the Co-head of Asia-Pacific wealth management at UBS, Jin Yee Young, travelled to India, labelling the country as a key strategic market.

The firm is at work rebuilding its presence in markets like India, according to Edmund Koh, UBS' Asia Pacific president.

"It's a good market for us, but still early days in India, still a lot of heavy lifting to do," Koh said.