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Shashi Ashiwal

Mr Mihir Doshi (right), Country Head, Credit Suisse in India and Mr Rajan Sehgal, Market Leader India, at a press conference held in Mumbai on Thursday to announce wealth management services. —

Our Bureau

Mumbai, May 22 Feeling bullish about the Indian market, the global banking major Credit Suisse is contemplating to introduce a comprehensive range of investment products and services here.

Credit Suisse on Thursday announced the launch of its wealth management business for high net worth individuals. Most recently, the bank launched its India brokerage operation and obtained a merchant banking licence in India.

The Zurich-based multinational bank was granted Portfolio Manager Licence by SEBI in January 2008 and it aims to become one of India’s top-three wealth management players in the next three years. “Establishing a local wealth management business complements, our existing investment banking and securities operations and will allow us to deliver the integrated bank to our clients,” said Mr Mihir Doshi, Country Head for Credit Suisse in India.

“India is one of the fastest growing wealth management markets globally and the demand for advice on how to manage and optimise wealth is rising,” said Mr Rajan Sehgal, Head India and Global NRI Markets for Private Banking.

The investible surplus that Credit Suisse proposes to accept for wealth management from the HNIs will be of the size of $3 million and above. The company will be managing investible surplus in the range of $3 million and above, but there is no threshold as such, said Mr Puneet Matta, Head of Wealth Management for Credit Suisse in India; but agreed that a much-lower amount doesn’t make an economic sense.

“Within the next three years, we aim to become one of India’s top wealth management players,” said Mr Matta. The Indian market for wealthy individuals is already of significant size, with an annual growth rate of 30 per cent. The number of households with bankable asset over $1 million is expected to rise from 1.2 lakh in 2007 to 3 lakh in 2012.

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