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Credit Suisse strengthens India investment banking team

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A week after it decided to reduce its headcount in India wealth management business, strengthened its investment banking team here with 11 senior appointments.

The appointments comprise five directors and six vice-presidents across the equities, fixed income and investment banking departments, Credit Suisse said in a statement.

“These appointments reflects Credit Suisse’s continued investment in India and our ability to attract leading talent,” Mickey Doshi, India chief executive of the Zurich-based bank, said in a statement.

Credit Suisse recently opened a branch here after it got a licence from the (RBI) in August 2010.

Out of the 11 new hires, 10 will be based in Mumbai.

The bank’s Mumbai branch allows it to accept deposits and use its balance sheet to provide financing to clients, complementing the capabilities of the bank’s non-banking financial company in India.

Credit Suisse is also permitted to deal in government securities, other domestic fixed income products and foreign exchange.

In India, the bank offers wealth management, investment banking and asset management services.

Last week, it asked about a fifth of its 60 employees in the wealth management business to leave as part of its restructuring programme.

Top officials of the bank, however, said it has no plans to exit its wealth management business in the country.

“We remain focused across all our businesses in India. We will continue to invest in these businesses and increase employee count further as and when required,” Vedika Bhandarkar, vice chairman and head of investment banking at Credit Suisse in India, said.

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