UBS Group AG is reportedly setting its sights on India’s burgeoning wealthy elite, with plans to bolster its team and introduce a slew of new products tailored for the country’s affluent clientele.

What Happened: Following its strategic acquisition of Credit Suisse two months ago, marking its re-entry into the private wealth market, UBS is now looking to expand its team in India, Bloomberg reported.

The bank reportedly intends to onboard at least seven relationship managers, which would take its advisory team in India to around 25 members, sources said.

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UBS is also in the process of strengthening its product team in the country. The bank is reportedly onboarding two senior executives from competing firms who specialise in portfolio management services. These new hires will be instrumental in crafting India-centric financial products.

UBS had previously withdrawn from the private-wealth market in India nearly a decade ago. However, the current move signifies the bank’s renewed interest in the region, following in the footsteps of other global giants like HSBC Holdings Plc and Julius Baer Group.

While profit margins in India might be on the leaner side compared to other markets, these firms are optimistic about the potential of managing both business and personal assets of their high-net-worth clients in the country.

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Editor’s Note: Artificial intelligence was used as a secondary aid in the writing of this story.