Credit Suisse granted Indian merchant banking licence

5 July 2007

Credit Suisse has become the latest foreign bank to be granted an Indian merchant banking licence, it has been confirmed.

The licence will enable the bank to provide onshore securities underwriting and corporate financial services in the booming domestic banking market.

News of Credit Suisse's licence comes after rival investment banks such as Merrill Lynch, Goldman Sachs and Morgan Stanley are all expanding rapidly in the subcontinent so as to capitalize on the fast-growing cross-border merger and acquisition deals and securities issuance sectors.

Credit Suisse chief executive officer Paul Calello said: "Our expansion into investment banking onshore in India highlights Credit Suisse's broad-based approach in building an integrated, comprehensive global financial services platform in the country."

The Swiss bank's investment banking division is overseen by V. Anarantharaman, who defected from Standard Chartered in 2006.

In March this year the firm re-launched its brokerage business in India, after its operations had been suspended by regulatory authorities for two years in 2001.

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