The UBS assets manager will sell its Indian onshore wealth business to 360 One WAM for Rs 3.07 billion ($ 3.6 million). Along with this, he will take about 5 percent stake in this Mumbai company. The Indian company said in a statement on Tuesday that it would buy the UBS’s local stock broking and distribution business, descendant and non-dismantling portfolio management service business and the remaining loan portfolio. UBS said in a separate statement that it would buy 4.95 per cent stake in 360 forests for around Rs 19 billion (according to Monday’s closed price). He said that he would also buy the task of serving 360 forest customers in Singapore.
Under this deal, the UBS will give up equity control in its India’s onshore wealth business while it will take over the offshore wealth business of its local partner. The UBS was out of the Indian onshore wealth business more than a decade ago, but returned to it in 2023 with the global acquisition of Credit Suisse.
City analysts said in the report that the UBS’s large global customer base, especially providing domestic solutions to institutional customers, can be helpful in gaining a 360 forest capacity to provide a 360 forest capacity to provide global property solutions to your Indian customer base. On Tuesday, 360 forest shares rose by 1.1 percent. Despite the increasing number of people wealthy in India, one of the fastest growing economies, foreign private banks have to struggle to increase revenue in the country due to strict competition and regulatory boundaries with local companies to bring out many banks out of the market. UBS’s wealth partnership model in India has been contrary to its efforts to expand other Asian property markets in recent years.
First Published – April 22, 2025 | 10:44 pm IST
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