UBS Group AG is evaluating potential partnerships in India to strengthen its wealth management operations amid intense local competition, according to sources familiar with the matter. The Swiss bank has held initial internal discussions, considering options such as acquiring a stake in a local firm or forming a joint venture. This move is aimed at expanding UBS’s reach among India’s growing affluent population.

Though no final decisions have been made, a partnership could help UBS, which exited India’s onshore wealth management business nearly a decade ago, reestablish its presence. The bank has been integrating the team from Credit Suisse, which it recently acquired, as part of its strategy to tap into India’s wealth market.

India’s rapid wealth growth has attracted numerous global banks, but they face stiff competition from established local players with large teams and robust distribution networks. UBS, in particular, has faced challenges, with several of its senior executives being poached by rival firms.

As of September, UBS’s wealth management team in India has dropped to over 30 employees, down from about 40 in April 2023. However, the bank continues to recruit talent to strengthen its position in this competitive sector.