Credit Suisse will open its first branch in India as the foreign bank has received in-principle approval from the Reserve Bank of India to establish a branch in Mumbai.
Through its Mumbai branch, the bank will expand its offering into the Indian market. Credit Suisse, which operates in India as a Non-Banking Financial Company (NBFC), will “now be able to accept deposits and use its balance sheet to offer financing to clients,” a bank statement said.
“The licence will also permit the bank to deal in Indian Government securities, other domestic fixed income products and foreign exchange,” the statement said.
“Credit Suisse views India as a key strategic growth market for the bank globally,” said Kai Nargolwala, chief executive officer, Credit Suisse Asia Pacific.
Credit Suisse is currently active in wealth management, investment banking and asset management in India. The bank also has its broking arm Credit Suisse Securities.
“We will be able to provide a more solutions to our domestic and international clients, facilitating investment flow into India,” said Mihir Doshi, chief executive officer, India.
The bank, which is eyeing a banking licence, will look to invest in its India operations. It has two centres of excellence in Pune and Mumbai employing almost 3,600 staff to provide information technology operations, financial accounting, and human resources services to its global businesses.