UBS is keen to grow its wealth management business in the burgeoning Indian economy and revealed yesterday that it has applied for a banking...

UBS is keen to grow its wealth management business in the burgeoning Indian economy and revealed yesterday that it has applied for a banking licence from the regulator. Clive Standish, the Swiss bank's chief financial officer, told the local media that the application is progressing, but could not say when the granting of the licence was likely. He said that the banking license will allow UBS to operate in India along the global lines, including offering investment banking and securities activities, wealth management for private clients and institutional asset management. UBS is also in the process of setting up a business process outsourcing center in Hyderabad. "It will provide talent and skilled resources for business processing, knowledge processing and information technology activities," said Mr Standish in an interview with CNBC-TV18. The move comes after UBS was also granted a banking licence in Russia with plans to grow its wealth management business in one of the fastest growing emerging markets.