Credit Suisse seeks bank licence

The group is already active in the Indian capital markets and investment banking segment. It commenced its agency securities brokerage operation in March last year. It holds a broker-dealer licence at the Bombay Stock Exchange and the National Stock Exchange and will focus on equity sales, trading and research in India.

Doris Leuthard, the head of the federal department of economic affairs, said the swiss banking entity has approached RBI with a proposal to open a branch in India.

 

The Swiss government official spoke with reporters after meeting the Indian banking sector regulator. When contacted, Sheel Kohli, managing director, corporate communication, Credit Suisse, declined to comment on the reported development.

This is second Swiss finance group after UBS to have shown interest in the Indian markets. UBS had also sought permission to open a branch.

It had also received an in-principle nod.