 New
Delhi: Credit Suisse has been granted a merchant banking license by SEBI.
This new license allows Credit Suisse to provide a wide range of onshore securities
underwriting and corporate finance services in India, which the bank regards as
one of Asia''s most dynamic markets.Paul
Calello, CEO of Credit Suisse Investment Bank, said: "We are very pleased
with this development, which reflects our commitment to our clients in India.
We are excited about the growth opportunities and investment potential offered
by the country." Credit Suisse forecasts a 10 per cent Indian GDP growth
in 2007, versus market consensus of 8 per cent. "Our
expansion into investment banking onshore in India highlights Credit Suisse''s
broad-based approach in building an integrated, comprehensive global financial
services platform in the country," he added. V
Anantharaman, who joined Credit Suisse in October 2006 will head the investment
banking team. In addition to capital raisings, Credit Suisse expects Indian companies
to be increasingly active in cross border M&A and domestic consolidation in
industries such as financial services, general industries, consumer goods, natural
resources, communications and IT, and real estate. India has seen more than $39billion
of cross-border M&A activities in 2007 year-to-date, an increase of 40 per
cent from the 2006 annual volume. This
announcement follows a number of strategic developments for Credit Suisse in India.
Credit Suisse launched its India brokerage operation in March 2007. It also opened
in early 2007 a Centre of Excellence in Pune, providing support in IT, operations,
product control, as well as a range of front office functions including equity
research, and analytics functions. As
one of the world''s leading banks, Credit Suisse provides investment banking, private
banking and asset management services worldwide. Credit Suisse''s parent company,
Credit Suisse Group, is a leading global financial services company headquartered
in Zurich. In
its Investment Banking business, Credit Suisse offers securities products and
financial advisory services to users and suppliers of capital around the world.
Operating in 57 locations
across 26 countries, Credit Suisse is active across the full spectrum of financial
services products including debt and equity underwriting, sales and trading, mergers
and acquisitions, investment research, and correspondent and prime brokerage services.
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