The Credit Suisse has said that it has obtained a license from the Reserve Bank of India to start a branch in Mumbai.
This license allows Credit Suisse to significantly increase the array of services it provides in the Indian market.
The Mumbai branch will accept deposits and offer funding to clients, adding to the abilities of Credit Suisses Non-Bank Financial Company in India, as per a press release.
The license also allows the bank to participate in Indian government securities, other local fixed income offerings and foreign exchange.
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, 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”.