MumbaiMarch 20Credit Suisse on Tuesday commenced its agency securities brokerage operation in India. Credit Suisse holds a broker dealer licence in the BSE and NSE and will focus on equity sales and trading, and research in India.
Credit Suisse was banned in India from April 2001 - April 2003 and reactivated their broking licence thereafter.
"We are very pleased to launch our securities brokerage business, which demonstrates our commitment to India. This will substantially strengthen our ability to service Indian and international clients in terms of research, market access, sales and execution," said Mr Paul Calello, Chief Executive Officer, Credit Suisse, Asia Pacific region.
"Credit Suisse has first-rate technological and product-based expertise to help domestic and international clients navigate an ever more challenging investment environment. We will expand in a prudent manner," said Mr Mihir Doshi, Credit Suisse's Country Head for India. Credit Suisse forecasts the Indian economy to grow by 10 per cent in fiscal year 2007-08, on the back of strong investment spending driven by large power and highway infrastructure programmes as reform in these sectors gathers pace. Investment spending is also likely to be driven by a pick-up in economic activities in the eastern and western regions of the country. They expect that equity new issuance and merger and acquisition activities from India will remain robust over the medium term. The financial service major will enter the asset management and private banking area in the future.