Credit Suisse has received in-principle approval from India's banking regulator, the Reserve Bank of India, to establish a bank branch in the country.
Credit Suisse will open the branch in Mumbai. The licence will allow it to accept deposits, provide financing to clients and deal in Government of India securities, other domestic fixed-income products and foreign exchange.
In 2008 Credit Suisse acquired a non-bank financial company NBFC in India. And in January 2009 it capitalised the NBFC with a $203 million capital infusion to enable it to use the unit for business transactions. Credit Suisse has also invested $240 million of private equity into Indian companies through different funds.
This is a key pillar...