03:15 PM EDT, 09/27/2024 (MT Newswires) -- UBS (UBS) is in discussions to form a joint venture with 360 One WAM to expand its Indian wealth management services, Reuters reported Friday, citing sources with knowledge of the matter.

The venture would shift UBS's focus to high-net-worth individuals from ultra-high-net-worth, the sources reportedly told Reuters.

The Swiss bank has initiated discussions with Mumbai-based 360 One and intends to hold up to a 26% stake in the joint venture, with an agreement anticipated within the coming months, according to the news outlet.

UBS and 360 One did not immediately respond to MT Newswires' requests for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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