UBS Group AG is losing two veteran wealth bankers in India, as demand heats up for experienced bankers who can manage burgeoning riches in the country.
Sudipto Sinha, an executive director, and Vijay Shah, another senior banker, are leaving the Swiss company for other opportunities, said people with knowledge of the matter. Both had been at Credit Suisse, which was taken over by UBS last year in an emergency rescue that paved the way for the larger lender to return to India’s private wealth market.
Sinha joined Credit Suisse in 2020 after more than 17 years at Kotak Mahindra Bank Ltd., where he was a private banker, according to his LinkedIn profile. Shah had led advisory and sales practice at the firm, the people said, asking not to be identified as the information isn’t public.
A spokesperson for UBS declined to comment on the departures.
The exits at UBS add to headwinds for the firm as it battles global and domestic banks all competing to get talent and business. While margins in India may be comparatively slimmer than other markets, the firms are hoping to offset this with the opportunity of managing both the business and personal assets of rich clients who are benefiting from the boom in the stock market and economy.