Credit Suisse today announced that it has injected INR 794 crore (approx US$164 million) of capital in Credit Suisse Finance (India) Private Limited, to fund the operation of its non-banking financial company (?NBFC?) in India. Current total capital of Credit Suisse Finance (India) Private Limited stands at INR 827 crore (approximately US$170 million).
Credit Suisse Finance (India) Private Limited is wholly owned by Credit Suisse. Through this NBFC, Credit Suisse plans to provide asset backed financing, securities backed financing, IPO lending and pre-IPO funding to corporate and individual clients.
Mr Mihir Doshi, Managing Director and Country Head of Credit Suisse in India said, ?Credit Suisse is in a solid position, with a robust integrated business model, a sound liquidity position and one of the strongest capital bases of any global bank. This capital infusion is a very clear statement of our commitment to the growth of our business in India. Our strategy for India remains clear and consistent: we will continue to invest selectively in the growth of wealth management, investment banking and asset management business.?
India is a core growth market for Credit Suisse. In 2007 Credit Suisse launched its India brokerage operation and obtained a Merchant Banker License. It was granted a Portfolio Manager License in 2008 to provide high net worth individuals as well as family-owned businesses and entrepreneurs in India with a comprehensive range of local and international investment products and services. In addition, Credit Suisse?s Centre of Excellence in Pune, which opened in 2007, now employs 1,500 people to support the Bank?s business activities globally.
Credit Suisse
As one of the world's leading banks, Credit Suisse provides its clients with private banking, investment banking and asset management services worldwide. Credit Suisse offers advisory services, comprehensive solutions and innovative products to companies, institutional clients and high-net-worth private clients globally, as well as retail clients in Switzerland. Credit Suisse is active in over 50 countries and employs approximately 50,000 people. Credit Suisse is comprised of a number of legal entities around the world and is headquartered in Zurich. The registered shares (CSGN) of Credit Suisse's parent company, Credit Suisse Group AG, are listed in Switzerland and, in the form of American Depositary Shares (CS), in New York. Further information about Credit Suisse can be found at www.credit-suisse.com.
Investment Banking
In its Investment Banking business, Credit Suisse offers securities products and financial advisory services to users and suppliers of capital around the world. Operating in 57 locations across 30 countries, Credit Suisse is active across the full spectrum of financial services products including debt and equity underwriting, sales and trading, mergers and acquisitions, investment research, and correspondent nd prime brokerage services.