(27 June 2006 – India) UBS will invest US$40 million to set up a back office operation in Hyderabad, India, citing that country’s rich pool of talent as the key reason for the new centre.UBS said it simply couldn’t find enough talented people in cities such as Zurich, London and New York to meet the bank’s business growth ambitions.
The new centre in India will underpin the Swiss bank’s research, analytics, data processing and IT infrastructure.
UBS said it would employ 1,500 people in the centre by June 2007.
The bank said it had set up shop in India because of the access to talent rather than the cheaper costs. UBS currently has an institutional broking and a small investment banking division in India.