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UBS AG To Exit Banking Business In India-Reuters

Saturday, 22 Jun 2013 03:23am EDT 

Reuters reported that UBS AG will surrender its Indian banking license and close its banking unit, covering fixed income, forex operations and credit services. However, UBS will continue its corporate client service business, which includes mergers and acquisitions, equities and debt capital market services. A UBS spokesman declined to comment. Indian newspapers reported on Saturday that UBS would surrender its banking license. 

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