Credit Suisse approved for India branch
India has approved in principle a commercial banking licence for Swiss banking giant Credit Suisse.
The proposed Mumbai branch will be able to accept deposits and help provide financing to clients, complementing the capabilities of Credit Suisse's non-bank financial company in India, the bank said.
Credit Suisse applied for the licence in 2008.
The Zurich-based bank will be able to trade domestic fixed-income products and foreign exchange, and will be able to deal in Indian government securities.
"India will be one of the top four countries in terms of revenue contribution in the Asia-Pacific region in the next three to four years," said Kai Nargowala, the bank’s chief executive in the Asia-Pacific region.
Credit Suisse already provides a range of services including research, wealth management and investment banking in India.
The bank has more than 170 employees in India.
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