UBS, the largest bank in Switzerland, said its India business will not be affected because of $2 billion loss arising out of unauthorised trading by one of its traders in the London office.
“It has no impact on our business or commitment to India. Our capital globally is adequate to take care of such black swan events,” said Manisha Girotra, chief executive and country head of UBS in India, in a text response. “Our India business is robust and untouched,” she added.
Earlier on Thursday, UBS said because of unauthorised trading by one of its traders in its investment it will incur $2 billion losses. This may also lead to the Swiss bank reporting a loss in its third quarter earnings this year.
The bank clarified "no client positions were affected" because of these illicit dealings. UBS closed last financial year with Rs 685 crore advances and Rs 632 crore deposits in India. The bank has one office in India and employs 53 people. The capital adequacy ratio for its India business was 90.01 per cent as of March-end.
