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Credit Suisse, a global financial services provider, has received in-principle approval from the Reserve Bank of India (RBI) to set up its bank branch in India. The company plans to open branch in the country’s financial capital Mumbai.

Early this month, Australia and New Zealand (ANZ) Banking Group, another overseas bank, has received similar approval to open its branch in India.  

Credit Suisse Bank will accept deposits and offer finance to its clients, complementing its non-banking financial company in India, a statement said. The bank also received approval to deal in Indian government securities, other domestic fixed income products and foreign exchange. 

The company believes the local banking presence will help it strengthen its relationship with its customers and meet their needs efficiently. It sees India as a key strategic growth market for the bank globally.

Kai Nargolwala, CEO, Credit Suisse Asia Pacific, said, in the statement, “this is a key pillar of our Asia Pacific strategy of developing our onshore presence in major markets throughout the region.” 

Credit Suisse currently offers wealth management, investment banking and asset management services to high net worth, corporate and institutional clients in India. It also has presence in equity brokerage and research through Credit Suisse Securities India Pvt Ltd. 

The company plans new hires to strengthen its human capital in India. The bank currently has over 40 employees in wealth management services. It also has outsourcing operations in Pune and Mumbai, where it employs around 3,600 people. 

In 2008, it acquired Bokdia Marketing and Finance, a Chennai-based non-bank financial company (NBFC) and renamed it to Credit Suisse Finance India. It made a $203-million capital infusion to it in January last year. The bank has also been active in private equity in India, investing around $240 million through different funds.

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