Credit Suisse gets green light for branch in India

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Banking authorities in India have given Credit Suisse a license to open a branch, paving the way for expansion in the world's second most populous country, the Swiss bank said Thursday.

The branch in Mumbai, India's commercial capital, will take deposits and provide financing to clients, adding to its existing non-bank financial services company in India.

"We are delighted to have received this license from the RBI (Reserve Bank of India) and look forward to being a constructive participant in the Indian banking industry," said Kai Nargolwala, chief executive of Credit Suisse Asia Pacific.

"This final approval is a landmark in Credit Suisse's expansion in India, which is a key growth market for the bank," he added.

The Zurich-based bank currently runs investment banking, wealth management, a brokerage firm and mutual fund operations in India, serving wealthy individuals, companies and institutional investors.

India's central bank gave preliminary approval for a branch in March.

In recent years, it has allowed a host of foreign banks including the largest Swiss bank UBS, South Africa's FirstRand Bank, Commonwealth Bank of Australia and ANZ to start operations.

© 2010 AFP

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