Money & Banking

With marquee 2015, Credit Suisse optimistic on 2016

Our Bureau Pune | Updated on January 22, 2018 Published on November 24, 2015


 

The Indian arm of Zurich-based bank and financial services provider Credit Suisse has had a good year with a series of successes in the mergers and acquisition space, and is optimistic for the year ahead.

“This year has been a marquee year for us,” Mihir Doshi, MD and Country head, Credit Suisse said. CS was currently working on two situations that were still in the private domain, he said, adding. “We are clearly optimistic about next year.”

Amongst the deals that CS closed this year was the sale earlier this month by Polaris Consulting of 53% stake to Virtusa in a deal valued at Rs 1172 crore. CS was also advisor to Mumbai-based Famy Care whose women’s health business was acquired by US-based Mylan in a deal valued at Rs 5000 crore as well as played a role in Alibaba acquiring a stake in e-commerce firm Snapdeal.

Responding to whether CS had set up a subsidiary as per the RBI guidelines for foreign banks, Doshi said that this was being looked at. He also ruled out any further expansion of the bank’s presence saying that the two in Mumbai and Delhi were addressing client needs well enough.

Doshi was speaking to reporters at a new expanded facility that the Pune operations have recently moved into. Credit Suisse began its operations in Pune in 2006 in partnership with IT major Wipro and was operating from the latter’s Hinjewadi facility.

One of four such CoEs globally, the new building is the first “smart working” facility for the bank in India and is the largest “smart working” facility for Credit Suisse globally. The “smart working” initiative is a global strategic initiative at Credit Suisse focused on how best to utilize technology and space to address changing work patterns and workplace preferences while offering increased flexibility to employees.

On expansion plans at Pune, Ranjit Anand, head, Pune site said that the bank will add around 1000 people to its current headcount of 3200 at Pune over the next two years.

Published on November 24, 2015
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