UBS to sell India wealth business to 360 ONE, take 5% stake in India partner

UBS sells Indian wealth business to 360 ONE WAM, taking 5% stake, expanding global wealth solutions for clients.

UBS will sell its Indian onshore wealth business to asset manager 360 ONE WAM in a deal valued at 3.07 billion rupees ($36 million), while taking a nearly 5% stake in the Mumbai-based company.

360 ONE will buy UBS' local stock broking and distribution business, discretionary and non-discretionary portfolio management services business, and residual loan portfolio, the Indian company said in a statement on Tuesday (April 22, 2025).

UBS said in a separate statement it would acquire warrants for a 4.95% stake in 360 ONE - worth about 19 billion Indian rupees ($223 million) based on Monday's (April 21, 2025) close. It said it would also take over serving 360 ONE's clients in Singapore, subject to regulatory approvals.

This deal will see UBS relinquish equity control in its India onshore wealth business while taking up offshore wealth business of its local partner. UBS had exited the Indian onshore wealth business more than a decade ago but returned as part of its global acquisition of Credit Suisse in 2023.

360 ONE's ability to offer global wealth solution to its Indian client base apart from offering domestic solutions to UBS' large global client base, especially institutional clients, "is likely to drive significant edge over competitors", analysts at Citi said in a research note.

Shares of 360 ONE were up 1.1% on Tuesday (April 22, 2025) as of 0520 GMT.

Despite the increasing number of wealthy individuals in India, one of the fastest-growing economies, foreign private banks have struggled to boost revenues in the country due to stiff competition with deeply entrenched local players and regulatory limitations, leading many to exit the market.