Source:fe: Agencies :Monday, Mar 29, 2010 at 1213 hrs IST
Mumbai: Credit Suisse said that it has received an in-principle approval to establish a bank branch in Mumbai, enabling it to substantially expand the range of services it offers in the Indian market.
Once established, the Mumbai bank branch will be able to accept deposits and use its balance-sheet to provide financing to clients, complementing the capabilities of Credit Suisse's non-bank financial company in India, a press release issued here stated.
The license will also permit the bank to deal in Indian Government securities, other domestic fixed income products and foreign exchange, the release said.
"This is a key pillar of our Asia-Pacific strategy of developing our onshore presence in major markets throughout the region," Credit Suisse Asia-Pacific's CEO, Kai Nargolwala, said.
"We believe that having a local banking presence will enable us to build stronger relationships with our clients and meet more of their needs. Credit Suisse views India as a key strategic growth market for the bank globally," he said.
"We will be able to provide a much broader range of solutions to our domestic and international clients, facilitating the flow of capital and investment into India," its India Chief Executive Officer, Mihir Doshi, said.
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