UBS will sell its Indian onshore wealth business to asset manager 360 ONE WAM in a deal valued at 3.07 billion rupees ($36 million), the local company said on Tuesday.

As part of the deal, 360 ONE said it will buy UBS' local stock broking and distribution business, discretionary and non-discretionary portfolio management services business and residual loan portfolio.

Clients from both UBS and 360 ONE will have access to onshore and offshore wealth management solutions, the wealth manager said, adding that the companies will also explore potential opportunities for collaboration on asset management products and investment banking services. ($1 = 85.2000 Indian rupees) (Reporting by Hritam Mukherjee and Kashish Tandon in Bengaluru; Editing by Himani Sarkar)