It will provide a comprehensive range of investment products and services to high net worth individuals (HNIs) and aims to become one of the top three wealth management players in the country within the next three years.
The number of households with bankable assets exceeding $1 million is expected to rise from 120,000 in 2007 to 300,000 in 2012. The number of wealthy individuals in the country is growing at an annual rate of 30 per cent.
Credit Suisse also received a PMS (portfolio management services) licence from the Securities and Exchange Board of India (Sebi) in January this year.
It will provide a range of local and international investment products, including advice on capital raising, listings and succession planning, to HNIs, family-owned businesses and entrepreneurs.
The bank recently launched its brokerage operation and obtained a merchant banker licence in India. It plans to open offices in New Delhi and Bangalore in three years. It has a dedicated team in Dubai, London, Singapore and Zurich, which caters to the needs of non-resident Indian (NRI) clients.
Mihir Doshi, country head, Credit Suisse, said, "We are highly committed to the Indian market and have been building knowledge and understanding of the region for over ten years. The establishment of a local wealth management business complements our existing investment banking and securities operations and will allow us to deliver the integrated bank to our clients in India."
