Credit Suisse infuses Rs 800-cr capital to fund its Indian NBFC

Banking Bureau
Posted: Wednesday, Jan 07, 2009 at 0020 hrs IST
Updated: Wednesday, Jan 07, 2009 at 0020 hrs IST

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Mumbai: Swiss major Credit Suisse on Tuesday announced that it has injected Rs 794 crore (approx $164 million) of capital for its Indian arm-Credit Suisse Finance (India) Private Limited- to fund the operation of its nonbanking financial company in India.

Current total capital of Credit Suisse Finance (India) Private Limited stands at Rs 827 crore (approximately $170 million). Credit Suisse Finance (India) Private Limited is wholly owned by Credit Suisse. Through the NBFC, Credit Suisse plans to provide asset backed financing, securities backed financing, IPO lending and pre-IPO funding to corporate and individual clients.

Mihir Doshi, managing director and country head of Credit Suisse, India said, “This capital infusion is a very clear statement of our commitment to the growth of our business in India. Our strategy for India remains clear and consistent: we will continue to invest selectively in the growth of wealth management, investment banking and asset management business.’’

India is a core growth market for Credit Suisse. It’s centre of excellence in Pune, which opened in 2007, now employs 1,500 people to support the bank’s business activities globally.

In 2007 Credit Suisse launched its India brokerage operation and obtained a merchant banker license.

It was granted a portfolio manager license in 2008 to provide high net worth individuals as well as family-owned businesses and entrepreneurs in India with a comprehensive range of local and international investment products and services.

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