Credit Suisse to offer equity broking in India

The Swiss investment bank adds another element to its India coverage strategy with the relaunch of equity brokerage operations.
Credit Suisse launched agency brokerage operations in India on March 20, further strengthening its equity franchise. The move is a homecoming of sorts for Credit Suisse which was forced to wind up its India operations in 2001.

On this occasion, Paul Calello, CEO of Credit Suisse in the Asia-Pacific region, was in India for the launch. He says the brokerage business will substantially strengthen the ability of the Swiss investment bank to service its clients, both onshore and offshore.

Mihir (Mickey) Doshi, Credit Suisse's country head for India, says: "For now we will be primarily an agency house.ö Credit Suisse has created a 40-strong team on the ground in India and plans to grow this by another 20-plus people. The bank has built a presence in advisory services - including a recent high profile hire from Standard Chartered to head the corporate finance business - and is also deploying capital in private equity and real estate.

DoshiÆs appointment in January 2006 was a coup for the firm and signalled the seriousness of Credit Suisse in building a world-class brokerage business in India. Doshi is a veteran of Morgan Stanley, having spent more than two decades with the firm. He was the first Morgan Stanley employee on the ground at the US investment bankÆs India joint venture, JM Morgan Stanley Securities.

Doshi brought to Credit Suisse an enviable track record including a proven ability to build an equity broking franchise, and the respect of international investors, local players and regulators. Indeed, onlookers comment that the hefty price of $445 million paid by Morgan Stanley to secure full control of its India broking franchise was a reflection of DoshiÆs success in building a leadership position.

In July 2006, Doshi appointed Nilesh Jasani to a newly created role as director and head of research for Credit Suisse in India. Jasani moved from Taipei where he held the role of head of research in Taiwan. Credit Suisse has also brought on board Rajat Sabharwal from Kotak to head equity sales. Doshi alludes to the ô10-member strong research team we have createdö as further evidence of the intent of Credit Suisse to be offering its clients the full portfolio of equity broking services.
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