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HSBC and UBS are intensifying their presence in India's wealth management sector, spurred by a surge in IPOs that has generated a new wave of millionaires. UBS is in advanced talks to acquire 360 ONE, a firm managing over $26 billion in assets, while HSBC aims to double its operations in the country. Last year, India experienced a record 42 IPOs, injecting $58 billion into the market and attracting global financial institutions to the region.
UBS Group AG CEO Sergio Ermotti's compensation for 2024 is set at 14.9 million Swiss francs (approximately $16.8 million), up from 14.4 million for nine months of work in 2023. The bank's Executive Board will collectively earn 143.6 million Swiss francs, a slight increase from 140.3 million in the previous year. The shareholder letter highlighted a year of transformation following the acquisition of Credit Suisse, emphasizing UBS's strengthened position and strategic benefits for clients and shareholders.
UBS's annual report highlights the potential impact of higher tariffs on exports to the USA, which could hinder growth in Europe and Asia. The report also notes ongoing economic uncertainty and legal challenges, including provisions for legal cases amounting to 3.6 billion. CEO Sergio Ermotti's compensation for 2024 is set at 14.9 million Swiss francs, amidst discussions about the bank's size and associated risks.
HSBC and UBS are expanding their wealth management operations in India, driven by a surge in new millionaires following recent IPOs. UBS is reportedly interested in acquiring the Indian firm 360 ONE, while HSBC plans to double its branch presence in the country. Yatin Shah, co-founder of 360 ONE, noted that many reputable firms view India as a promising market for the next couple of decades.
UBS Group AG operates through four main business divisions: wealth management (50.9% of income), investment bank (20.8%), client and commercial bank (20.2%), and asset management (6.3%). By the end of 2023, the Group managed USD 792 billion in deposits and USD 639.8 billion in loans.
UBS Group AG operates through four main business segments: wealth management (50.9% of revenues), investment banking (20.8%), retail and corporate banking (20.2%), and asset management (6.3%). By the end of 2023, the Group is set to manage USD 792 billion in deposits and USD 639.8 billion in loans.
UBS's annual report highlights concerns over potential higher customs duties on U.S. exports, which could negatively impact growth in Europe and Asia. The report also notes ongoing economic uncertainty and excessive capital requirements, while emphasizing the importance of balance sheet strength for the institution's future. CEO Sergio Ermotti's compensation for 2024 is set at 14.9 million Swiss francs, amid a backdrop of legal provisions totaling 3.6 billion francs.
UBS Group AG operates across four main sectors: wealth management (50.9% of revenues), investment banking (20.8%), retail and corporate banking (20.2%), and asset management (6.3%). By the end of 2023, the group reported USD 792 billion in current deposits and USD 639.8 billion in current loans.
UBS Group AG, structured around four core businesses, reported that wealth management constitutes 50.9% of its revenues, followed by investment banking at 20.8%, retail and corporate banking at 20.2%, and asset management at 6.3%. By the end of 2023, the Group is set to manage USD 792 billion in deposits and USD 639.8 billion in loans, amid ongoing economic uncertainty.
UBS Group AG operates across four main sectors: wealth management (50.9% of revenues), investment banking (20.8%), retail and corporate banking (20.2%), and asset management (6.3%). As of the end of 2023, the group reported USD 792 billion in current deposits and USD 639.8 billion in current loans.
UBS Group AG
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