Swiss lender Credit Suisse Group AG recounted on Monday that it has received an in-principle approval from the Reserve Bank of India to open a branch in Mumbai, which would allow it to grow services in India.Credit Suisse perspectives India as a key strategic expansion market for the bank globally, Kai Nargolwala, CEO of Credit Suisse East Asia Pacific, expounded in a press release.
The Mumbai bank branch will permit Credit Suisse to accept deposits, complementing its non banking finance company ( NBFC ) in India. Credit Suisse had bought an NBFC in 2008, into which it infused $203 million in Jan 2009. The bank in addition has been busy in non-public equity in India, investing around $240 million thru different funds.
The branch licence will also allow Credit Suisse to deal in Indian central authority instruments, other domestic fixed revenue products and forex. At the moment Credit Suisse holds a merchant banking permit for investment banking and a portfolio management licence for its wealth management business. The approval is a part of a clutch of contemporary ones RBI has given to foreign banks to start India operations. These contain UBS AG, Commonwealth Bank of Australia ,First Rand Bank and Australia and New Zealand Banking Group Ltd.
Under an all-embracing commercial cooperation accord with Singapore, the central bank also issued a permit to United Overseas Bank Ltd of Singapore to line up shop in India. DBS Bank Ltd, Singapore's biggest bank by assets, also got RBI's nod to open 8 new branches across India, up from 2. US-based bank Goldman Sachs Group Inc, that has an investment banking unit in India, is also waiting for approval for a commercial banking licence.
Most other country banks are looking to scale up their presence in India, while existing lenders fortify theirs thru investments and fresh hires, gambling on the possibilities of an economy which has the second fastest rate of growth among major economies as firms expand and shoppers take on loans to buy houses and cars.
State-run banks account for approximately seventy percent of India's banking sector. Some foreign banks are also hiring talent locally to help them capture share of the market.Bank of America-Merrill Lynch latterly employed Kaku Nakhate, vice-chairman of JPMorgan Chase and Co.'s Indian unit to change Kevan Watts as head of operations in India.
P.J. Nayak, previous manager and handling director of Axis Bank Ltd, has been picked as general manager of Morgan Stanley India to scale up its business in India, while Citigroup on Monday stated that it would replace outgoing Mark Robinson with Pramit Jhaveri to head its India operations.
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