Switzerland-based lender Credit Suisse today announced that it had received a licence from the Reserve Bank of India (RBI) to open a bank branch in Mumbai.
“This licence enables Credit Suisse to substantially expand the range of services it offers in the Indian market. The branch will accept deposits and use its balance sheet to provide financing to clients, complementing the capabilities of Credit Suisse’s non-banking financial company in India,” the bank said in a statement. The lender had received an in-principle approval from RBI in March to enter the banking industry.
It already offers wealth management, investment banking and asset management in India, serving high net worth, corporate and institutional clients.
New York-based investment bank Goldman Sachs has also applied for a commercial banking licence in the country.
