Credit Suisse forms venture with GE for core fund

The Zurich-based Credit Suisse has entered into an joint venture with General Electric (GE) for an infrastructure fund. The fund will invest in emerging markets with a substantial portion devoted for investments in the Indian infrastructure sector.

The bank also announced the resumption of its institutional broking business in India, after a gap of six years, joining a clutch of foreign players such as Goldman Sachs,

Morgan Stanley, Merrill Lynch and Citigroup, among others, in the institutional broking space. Credit Suisse was suspended from trading in India for two years from April 2001 to April 2003 by the Securities and Exchange Board of India (Sebi) for alleged price manipulation.

"We have formed a JV for an infrastructure fund with GE . It is a very big fund of more than a billion dollars. The fund raising is going on and the money would be invested into the emerging markets of which India is a very significant country for us," said Paul Calello, chief executive officer, Credit Suisse, Asia Pacific.

Credit Suisse, the second largest Swiss bank, said it was waiting for the right time to resume its securities brokerage business in India.

"We waited for the right time. Earlier, our infrastructure, research team and the head of operations in India were not in place. The launch of our securities brokerage business demonstrates our commitment to India. This will substantially strengthen our ability to service Indian and international clients,"said Calello.

The bank has roped in the V Anantharaman, who was head of corporate advisory services Standard Chartered Bank, as head of Investment banking in India.