Credit Suisse Group has pumped in additional $164 million (Rs 794 crore) money into its Indian finance arm unit which will allow it to lend to companies and finance acquisition of shares in initial public offerings(IPOs),s Bloomberg.
The fund infusion has taken the total capital of Credit Suisse Finance (India) Pvt to Rs 827 crore. “We will continue to invest selectively in the growth of wealth management, investment banking and asset management business,” said Mihir Doshi, managing director and country head at Credit Suisse in a statement.
Credit Suisse which announced last week that it had signed an agreement to sell part of its traditional asset management business in return for up to 24.9% stake of UK-based Aberdeen Asset Management, will compete with other corporate lenders and brokerage houses to fund companies and share purchases in India. Corporate lending and IPO share finance has taken a beating in the Indian market after the market crash and slowdown in the economy.
Credit Suisse had commenced its agency securities brokerage operation in India in March 2007 with Mihir Doshi as the Country Head. In November 2006, Credit Suisse signed an agreement to set up a Centre of Excellence in Pune to provide support in IT, operations, product control, as well as a range of front office functions including equity research, and analytics functions. Currently Credit Suisse offers wealth management to individuals besides asset management and I-banking services in India.
In 2007 Credit Suisse was also involved in the biggest ever Indian acquisition abroad. It acted as lead financial adviser to the Corus Group in the UK when Tata acquired the firm and also led the financing to Tata in the transaction.
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