RBI grants provisional approval for Credit Suisse bank branch in India

Mumbai: Credit Suisse today said that it has received in-principle approval to establish a bank branch in Mumbai, enabling it to substantially expand its services in India. 

The proposed Mumbai branch will be able to accept deposits and use its balance sheet to provide financing to clients, complementing its non-banking financial company in India, which it acquired when it took over Chennai-based Bokdia Marketing and Finance, in an effort to expand its NBFC operations in India.

The license will permit Credit Suisse to deal in Indian government securities, other domestic fixed income products and foreign exchange.

So far Credit Suisse has been providing wealth management, investment banking and asset management for high net worth Indians, corporate and institutional clients. Its equity brokerage arm Credit Suisse Securities (India) Private Limited, holds a broker-dealer license BSE and NSE.

In 2007, it was granted a merchant banking license for investment banking from SEBI and a portfolio management license for its wealth management business (See: Credit Suisse granted merchant banking license in India). 

Credit Suisse has executed significant equity capital markets mandates in India in the last 18 months, including the $750 million combined Global Depository Receipt and convertible bonds issue by Tata Motors and was the lead arranger for a structured GBP 340 million European Investment Bank Loan to Jaguar Land Rover, a Tata Motors subsidiary, which was signed in February.