According to a report by «Bloomberg» on Tuesday. UBS is exploring various partnership options in India’s wealth management sector. The Swiss banking giant had exited the Indian onshore wealth management business about a decade ago. However, with last year’s acquisition of Credit Suisse, UBS inherited its Indian operations.

Seeking a Partner

UBS is reportedly in the early stages of internal discussions on how to strengthen its presence in the Indian market. These discussions include the possibility of acquiring a stake in a local firm to establish a joint venture. However, no decisions have been made at this point.

India’s growing population of wealthy individuals is attracting numerous international competitors, while domestic firms are also engaged in fierce competition.

The report notes that Credit Suisse’s former wealth management team in India has shrunk from around 40 employees last year to about 30 due to staff departures. UBS declined to comment to the agency.

In July, Iqbal Khan, co-head of global wealth management, took over responsibility for UBS’s business in Asia.