UBS Group AG Chief Executive Officer Ralph Hamers said the bank’s exposure to the meltdown of India’s Adani Group isn’t a matter of concern for the Swiss bank, even after a market rout that’s hit the securities of India’s richest man.
(Bloomberg) — UBS Group AG Chief Executive Officer Ralph Hamers said the bank’s exposure to the meltdown of India’s Adani Group isn’t a matter of concern for the Swiss bank, even after a market rout that’s hit the securities of India’s richest man.
UBS is among European lenders including Credit Suisse Group AG, Deutsche Bank AG and Barclays Plc that have relationships with Adani, according to the Indian group.
“We can’t comment on clients as you know, but I wouldn’t worry about it,” Hamers said in Bloomberg interview with Manus Cranny after the bank’s fourth-quarter earnings.
Shares of Adani Group companies have plummeted in a three-day selloff that has erased more than $68 billion of market value, following the publication of a report by Hindenburg Research, a short seller, alleging “brazen stock manipulation and accounting fraud.”
Adani Group touted its deep local and international bank relationships in its 413-page rebuttal to the allegations by the short seller. Some of the biggest names in banking are listed as backers of the Indian billionaire Gautam Adani, who’s also Asia’s richest man, though their exact exposure wasn’t disclosed.
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