The Credit Suisse on Thursday said that it has received a license from the Reserve Bank of India to establish a bank branch in Mumbai.
This license enables Credit Suisse to substantially expand the range of services it offers in the Indian market.
The Mumbai bank branch will accept deposits and use its balance-sheet to provide financing to clients, complementing the capabilities of Credit Suisses Non-Bank Financial Company in India, a press release said.
The license also permits the bank to deal in Indian government securities, other domestic fixed income products and foreign exchange.
"We are delighted to have received this license from the RBI and look forward to being a constructive participant in the Indian banking industry," Credit Suisse Asia-Pacific's CEO, Kai Nargolwala, said.
"This final approval is a landmark in Credit Suisse's expansion in India, which is a key growth market for the bank. Credit Suisse is investing in the businesses made possible by securing this license and we look forward to delivering our enhanced product offering to clients soon," the bank's Chief Executive Officer, Mihir Doshi, said.
The award of a license to establish a bank branch follows the RBIs in-principle approval in March of Credit Suisses application to enter the banking industry in India. Credit Suisse is active in wealth management, investment banking and asset management in India, serving high net worth, corporate and institutional clients.
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