Switzerland-based Credit Suisse has obtained a license from Reserve of India to set up a bank branch in Mumbai.
The license enables the Credit Suisse to expand its range of services in India. The license also allows the bank to engage in country’s government securities, other domestic fixed income products and foreign exchange.
Credit Suisse Asia Pacific CEO Kai Nargolwala said that this final approval is a landmark in bank’s expansion in India, which is a key growth market for the bank.
According to the Credit Suisse, the Mumbai bank branch will accept deposits and use its balance sheet to provide financing to clients, leveraging the capabilities of its non-bank financial company in India.
Credit Suisse CEO for India Mihir Doshi said that Credit Suisse is investing in the businesses made possible by securing this license and we look forward to delivering our enhanced product offering to clients soon.
Credit Suisse is actively involved in wealth management, investment banking and asset management business in India, serving high net worth, corporate and institutional clients.