MUMBAI (Reuters) - Swiss bank UBS AG
However, UBS will continue its corporate client service business, which includes mergers and acquisitions, equities and debt capital market services, said the source, who declined to be identified as the information was not yet public.
"That doesn't mean that we are closing down our India operations. We will be closing a very small business unit, to focus on our key strength," said the source. "It's part of our global strategy."
A UBS spokesman declined to comment.
UBS has a full-fledged banking license in India with a single branch in Mumbai and was focusing on the wealth management business, covering foreign exchange, fixed income and credit services.
Indian newspapers reported on Saturday that UBS would surrender its banking license.
Earlier this year, Morgan Stanley
(Reporting by Indulal PM; Editing by Clarence Fernandez)