Credit Suisse granted merchant banking license in India

New Delhi: Credit Suisse has been granted a merchant-banking license by SEBI. This new license allows Credit Suisse to provide a wide range of onshore securities underwriting and corporate finance services in India, which the bank regards as one of Asia's most dynamic markets.

This announcement follows a number of strategic developments for Credit Suisse in India. Credit Suisse launched its India brokerage operation in March 2007. It also opened a Centre of Excellence in Pune, early in 2007, providing support in IT, operations, product control, as well as a range of front office functions including equity research, and analytics functions.

Paul Calello, CEO of Credit Suisse Investment Bank, said: "We are very pleased with this development, which reflects our commitment to our clients in India. We are excited about the growth opportunities and investment potential offered by the country." Credit Suisse forecasts a 10 per cent Indian GDP growth in 2007, versus market consensus of 8 per cent.

"Our expansion into investment banking onshore in India highlights Credit Suisse's broad-based approach in building an integrated, comprehensive global financial services platform in the country," he added.

V Anantharaman, who joined Credit Suisse in October 2006, will head the Investment Banking team. In addition to capital raisings, Credit Suisse expects Indian companies to be increasingly active in cross border M&A and domestic consolidation in industries such as financial services, general industries, consumer goods, natural resources, communications and IT, and real estate. India has seen more than $39 billion of cross-border M&A activities in 2007 year-to-date, an increase of 40 per cent from the 2006 annual volume.

As one of the world's leading banks, Credit Suisse provides investment banking, private banking and asset management services worldwide. Credit Suisse's parent company, Credit Suisse Group, is a leading global financial services company headquartered in Zurich.

In its Investment Banking business, Credit Suisse offers securities products and financial advisory services to users and suppliers of capital around the world. Operating in 57 locations across 26 countries, Credit Suisse is active across the full spectrum of financial services products including debt and equity underwriting, sales and trading, mergers and acquisitions, investment research, and correspondent and prime brokerage services.