Will UBS quit its investment banking business in India?

Resignation of managing director fueling speculation.

Ravi Shankar, managing director of the investment banking unit of UBS AG in India, has resigned. Media reports speculate his resignation probably heralds the bank exiting its investment banking business in India.

A UBS spokesman, however, was quoted by some media saying that rumors suggesting UBS is winding down its investment banking operations in India are baseless. Since India remains a core investment banking market for UBS in Asia Pacific.

UBS' services in India include equity and equity-linked financing, M&A advisory and debt capital market offerings.