The Swiss financial industry is generally reluctant to discuss the impact on its operations in India after the country was ravaged by a second wave of the coronavirus pandemic but keen to stress its commitment to its operations there.

Swiss banks UBS and Credit Suisse as well as re-insurer Swiss Re say they remain committed to their large back-office operations in India, which has suffered a devastating second wave of coronavirus infections.

There have been around 28.2 million infections in India with the number of deaths hitting 335,000, according to health ministry data. Many experts say these figures are vast underestimates.

In For Long Haul

UBS’ front-, middle- and backroom operations had not been disrupted, a Hong Kong-based spokesman for the bank told finews.com. He added that there had been no disruption to operations in Switzerland.

«UBS is in India for the long term and headcount here is growing rapidly. We plan to continue to grow our India footprint both in terms of the front office and our Business Solutions Centers,» the spokesman said.

Support Measures

The Swiss wealth manager has offices in Pune, Hyderabad and Mumbai. Its Business Solutions Centers employ 7,000 people in India, according to the bank’s website.

The UBS spokesman said the bank’s support for employees ranged from financial support, extended insurance coverage, physical and mental well-being to streamlining vaccination through healthcare partners. The bank had also donated more than $1.5 million to support immediate relief efforts in India.

Global Technology Hub

India is also important to Credit Suisse, which has offices in Mumbai, Pune and Gurgaon, with vendor offices in Bangalore, Hyderabad and Kolkata. Over 13 percent of its employees are based there, the second highest after its native Switzerland. In May Credit Suisse announced it was hiring an extra 1,000 IT staff in India this year.

In the press release announcing the move, Credit Suisse’s head of India IT and senior franchise officer, Pune, John Burns said: «This year's hiring plan highlights our continued commitment to India, particularly to Maharashtra, and supports Credit Suisse's vision to establish our operations here as a global technological hub.»

Voluntary Vaccination

Burns added that during the second wave of the pandemic, Credit Suisse committed 75 million rupees ($1 million) in aid to Concern India Foundation and GiveIndia, to provide assistance to hospitals in Mumbai, Pune, Delhi and Bangalore for the procurement of critical medical supplies.

Credit Suisse declined to comment to finews.com on the status of its operations in India. A source familiar with the matter said the bank had also implemented a voluntary vaccination program for employees in India.

Aid In Second Wave

Re-insurer Swiss Re employs over 1,000 people in Bangalore, its third largest office globally. The company said its global move to working from home in the wake the pandemic went smoothly, including at its Indian operation.

However, its media relations department said: «...as of early April, all our employees in the country are now working from home... Among our financial support measures, starting 1 May until the end of the year Swiss Re will cover the vaccination cost of employees in India, their spouse, children (18 years and above) and parents (or parents-in-law). Swiss Re remains committed to the Indian market as it battles this devastating second wave of COVID-19.»