Swiss bank, Credit Suisse has obtained license to start branches in India. The bank’s first branch would be opened in Mumbai.
After the license, Credit Suisse is able to provide a wide array of its available products to the Indian banking segment.
The bank had previously received RBI’s approval about starting banking operations in the country. It was awaiting the license.
The Mumbai branch would be taking deposits and fund clients for their needs thus boosting the job of its NBFC division Credit Suisses Non-Bank Financial Company in India.
Kai Nargolwala, Credit Suisse Asia-Pacific’s CEO said, “We are delighted to have received this license from the RBI and look forward to being a constructive participant in the Indian banking industry” .
Mihir Doshi, the bank’s CEO said, “This final approval is a landmark in Credit Suisse’s expansion in India, which is a key growth market for the bank. 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’s area of operations would chiefly comprise of wealth management, investment banking and asset management in India, catering to high net worth, corporate and institutional customers.