UBS AG's head of operations (India), Manisha Girotra has resigned from the bank to pursue her own business venture. The lender has named Aashish Kamat as the new head of its India business.
Sebi on Friday barred fugitive businessman Vijay Mallya from the securities markets and restrained him from associating with any listed firm for three years in the matter of routing of funds to the Indian securities market using overseas bank accounts with UBS AG. The Indian government has been attempting to extradite Mallya from the United Kingdom to face fraud charges related to his now-defunct company Kingfisher Airlines. Mallya has been living in the United Kingdom since March 2016.
Fair-trade regulator Competition Commission of India (CCI) on Thursday cleared the proposed merger of Credit Suisse Group AG with UBS Group AG. Both Credit Suisse Group AG (Credit Suisse) and UBS Group AG (UBS) are multinational investment banks and financial services companies founded and based in Switzerland.
The Reserve Bank of India has put on hold its permission to the Switzerland-based UBS Bank to open a branch in India as the Enforcement Directorate is probing alleged transfer of funds between Pune-based stud farm owner Hasan Ali and a Saudi Arabian arms dealer through the bank.
While UBS acted as master client for offshore firms, Sharecorp was a nominee of Indian beneficiaries.
Attributing to people familiar with the development, The Wall Street Journal reported that UBS AG's brokerage unit in the US is laying off nearly 200 employees, including about 25 managing directors.
UBS has already recruited 180 people in the city.
According to RBI data, it had 57 employees in India at the end of March 2012.
UBS stepping in to save Credit Suisse with a $3.2-billion acquisition has provided the beleaguered Swiss bank's India employees a glimmer of hope. The surprise deal - engineered by the Swiss government - has triggered optimism of fewer job losses at Credit Suisse's India unit and better synergies at key verticals, such as wealth management and investment banking. "UBS is a much stronger hand. Coming within its fold will give Credit Suisse's wealth management and investment banking divisions a good home.
Even as Tata Steel mulls over its next move in the race for Corus Group, its rival suitor Companhia Siderurgica Nacional
In another jolt to the famed Swiss banking industry, the US has started a formal probe against Credit Suisse for allegedly helping wealthy Americans to evade taxes.
Finance Minister Pranab Mukherjee on Monday said he has noted reports about reservations Swiss banks have in sharing client details with India, but did not say what course of action the government would take.
Asked about top Swiss bank UBS AG, reeling under criticism for sheltering American tax evaders, agreeing to US government's demand for disclosure, Kochhar generally hedged queries saying Indian banks were not in that kind of business. Black money had become a major issue in the run up to the Lok Sabha polls in April-May, with BJP leader L K Advani claiming that $500 billion of Indian money was stashed in banks abroad.
Infrastructure Development Finance Company has bagged Standard Chartered's asset management business in India for a total consideration of $205 million (around Rs 820 crore) in an all-cash deal. This deal, like the ill-fated UBS' bid last year, however, does not include StanChart's mutual fund distribution business, which the London-based bank will continue to pursue in India.
Standard Chartered Bank is expected to seal the deal of its Mutual Fund business in the near future.
UBS Wealth Management Americas, Bank of America's Merrill Lynch and Morgan Stanley all employ several retired Olympic athletes.
Jain did not want to financially burden the bank with his own, personal decision to quit
The $5.7 billion total includes $1.6 billion in fines separately imposed by the US Federal Reserve on the five banks.
IT, e-commerce firms to raise the bar in recruitment, packages.
Singapore will be counting on its marquee Formula One race to help make up for a 30 percent drop in Chinese tourists this year.
Chief Operating Officer UB Pravin Rao said the company will be back to historic performance levels in a couple of years.
This is the first big move in the investigation of the British Virgin Islands list where the I-T department has found a significant amount of tax evasion.
Banks are seeking an order that Mallya should appear in person before the court.
If the rupee falls further, it would negatively impact the dollar-based returns of foreign investors, and could influence foreign flows into India.
Since 2009, the Department has publicly charged 73 account holders and 35 professionals with violations arising from their offshore banking activities, and 72 individuals have plead guilty or were convicted at trial.
An estimated $344 billion has been illegally removed from the Indian economy between 2002 and 2011
Infosys has been making bets on automation and other high-margin services like artificial intelligence to regain some ground
Mallya is a fugitive from justice in India, Attorney General Mukul Rohatgi told the Supreme Court.
Annualised staff attrition rate at Infosys rose to a record 20.1 per cent in the September quarter.
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