New Delhi: The high profile India Chief of Swiss banking major UBS, Manisha Girotra, has put in her papers and has been replaced by Aashish Kamat with immediate effect.

The resignation of Girotra is the latest in a string of top executive exits at UBS, which is battling tough market conditions worldwide.

According to an internal note, dated November 9, Girotra has decided to "retire from UBS at the end of the year to consider other options".

Girotra, who joined UBS way back in 1998, was involved in many key merger and acquisitions in India, including the Vodafone-Hutchison Essar transaction.

"We would like to thank her for the enormous contribution she has made to our India businesses since joining UBS in 1998, especially in developing our relationships with key corporate and institutional clients, the Indian government, regulators and other stakeholders," the internal note said.

Meanwhile, Aashish Kamat has been appointed as UBS India's Group CEO with immediate effect.

As per the note, Aashish would assume sole responsibility for the management and development of all of UBS India businesses.

"His primary focus will be on continuing to build our existing client franchise, as well as expanding into new client segments and product offerings to enhance revenue opportunities," it said.

Girotra, 42, would oversee a smooth transition and handover responsibilities to Aashish.

The note to employees was from UBS Asia Pacific's Co-Chairmen and Co-CEOs Chi-Won Yoon and Alex Wilmot.

Aashish joined UBS in June this year as Chairman of financial institutions coverage for the Investment Bank in Asia Pacific.

The note said that he brings a wealth of banking industry knowledge across products, accounting, regulatory, risk and performance management, capital allocation and operations.

"We believe this will enable him to lead and grow our India operation in a controlled and disciplined manner. Aashish, who grew up in Mumbai, will relocate there with his family in the coming months," it added.

UBS has seen the exits of many high level executives in recent months.

In September, UBS global chief Oswald Gruebel resigned, following an unauhtorised trading incident that is estimated to have more than USD 2 billion loss for the banking major.

Agencies