Oct 22 (Reuters) - UBS has acquired an approximately 4.8% stake in India's 360 One Wam after converting warrants into shares, the Swiss bank said on Thursday, marking another step in the companies' strategic partnership.
The deal comes as foreign banks face stiff competition from wealth managers amid regulatory constraints in India.
Last April, the companies had announced a partnership, under which UBS agreed to sell its Indian onshore wealth management business to 360 One for about $32 million, while acquiring warrants representing a 4.95% stake in the Indian firm.
UBS said it had exercised all 20.5 million warrants allotted to it in July 2025, and paid to acquire an equivalent number of shares in the Mumbai-based wealth manager.
UBS has also taken over serving 360 One's clients in Singapore, subject to regulatory approvals. 360 One completed business transfer agreements with UBS and Credit Suisse in September 2025.
($1 = 94.7075 Indian rupees)
Reporting by Surbhi Misra in Bengaluru; Editing by Sherry Jacob-Phillips and Mrigank Dhaniwala
Source: Reuters