UBS sells BPO unit to Cognizant

Swiss bank UBS has sold its Indian IT services and business process outsourcing (BPO) unit India Service Centre Private to Cognizant for $75m (£46m). The sale echoes a similar move by Citigroup, which sold its Indian BPO operation to Tata and its IT services subsidiary to Wipro earlier this year. The transaction is expected to close in December, Cognizant said. Cognizant expects to receive about $442m (£272m) of revenue under a services agreement with UBS during a 5-year term, a regulatory filing showed.