Mihir Doshi to Lead Merged India Business of UBS as Takeover Concludes

UBS Group AG has appointed Mihir Doshi, the longtime head of Credit Suisse in India, to lead the combined businesses of UBS and Credit Suisse in the country. The appointment is aimed at ensuring continuity and addressing concerns among Credit Suisse employees about potential changes and job redundancies following the merger. The merger, which concluded on Monday, creates a global wealth-management powerhouse. Matthias Schacke, the UBS country head, will oversee the group operations and technology office in India, while UBS will retain Credit Suisse’s global banking and markets businesses in the country. The specifics of business plans and redundancies have not been disclosed.

UBS has successfully completed its emergency takeover of Credit Suisse, creating a Swiss banking and wealth management giant with a $1.6 trillion balance sheet. This marks the largest banking deal since the 2008 financial crisis. The combined group will oversee $5 trillion in assets, giving UBS a leading position in key markets. However, Credit Suisse’s 167-year independence comes to an end. UBS plans to reduce costs and take advantage of synergies, which will involve job cuts.