UBS may set up a family services unit in India, according to its head of family services, Mario Marconi Archinto, according to the Financial Chronicle.

Archinto, taking part in the recently concluded India Economic Summit, told the publication that UBS so far does not have a distinct family office business in the country.

“We do not have our division in India for family services,” Archinto is reported as having said. Wealthy Asia families are currently far served from Singapore and Hong Kong.

Western banks, such as UBS and its Swiss rival Credit Suisse are stepping up their efforts to capture ultra high net worth business in Asia, as the region produces a new generation of ultra-rich on the back of strong economic growth. India is renowned for the dominant role that family-run businesses play in the economy, making the country an appealing market for the family office sector.

Earlier this year, UBS named a new chief executive for India, after incumbent CEO Manisha Girotra tendered her resignation. Girotra worked at UBS for thirteen years. She was replaced by Aashish Kamat as group CEO of UBS India.‪

The Swiss banking giant is expected to unveil detailed plans later today on how it intends to reduce the risk exposure of its investment bank. Earlier this week, UBS confirmed media speculation by making Sergio Ermotti its CEO on a full-time basis, the bank's former CEO for Europe, the Middle East and Africa having held the role for interim purposes following the resignation earlier in the autumn of Oswald Grubel.