EFG, the Swiss private bank, is exiting the India market, with its top managers in the country - overseeing a total of $250 million - transferring to L&T Finance Holdings, according to media reports, confirming recent comments by the bank that it is winding down this business.

The move represents L&T's entry into private wealth management, the Times of India reported, citing unnamed sources.

This move adds to a number of steps by EFG to spin off business units around the world, as well as slim down some of its operations to improve its margins. As reported recently, the bank has a cost/income ratio of almost 92 per cent, significantly higher than the current global average in wealth management of about 80 per cent, which is itself a record high (source: Scorpio Partnership).

EFG decided to pull out of India earlier this year, leading to the exit of its chief executive Manoj Shenoy and 12 private bankers, who went over to L&T Finance Holdings in recent weeks. EFG India had $350 million in assets under management, and about $250 million may move along with the bankers to L&T, the Times of India quoted sources as saying.

L&T Finance Holdings is the financial services arm of construction and engineering firm Larsen & Toubro.