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UBS Wins Banking License in India

UBS has been awarded a commercial banking license in India, according to V Leeladhar, deputy governor of the Reserve Bank of India (RBI) speaking to reporters after a conference in Mumbai. The license will help the bank in its fixed income and foreign exchange businesses

The RBI is yet to issue a formal notification, while a UBS spokesperson tells Squawkbox that in India, as elsewhere, any discussions between UBS and regulators remain confidential.

UBS applied for a banking licence nearly four years ago. It is the first time since 2003 that RBI has issued a new licence to a foreign bank.

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