Credit Suisse has been awarded a Portfolio Management Scheme Licence for India by the Securities and Exchange Board of India (SEBI).
The acquisition of this licence is an important milestone in building a local wealth management business in addition to the already existing investment banking business, and allows Credit Suisse to deliver the integrated bank to its clients in India.
The licence will allow Credit Suisse to provide high net worth individuals and institutional clients with a range of investment products and services in response to strong demand for such products in India.
“Establishing wealth management operations in India represents an important step in our overall expansion and growth strategy. The acquisition of this licence is an important step in establishing a local wealth management business which will allow Credit Suisse to deliver the integrated bank to its clients in India,” says Puneet Matta, head of wealth management, Credit Suisse in India.
Credit Suisse considers India as one of its core growth markets. The Indian market for wealthy individuals is already of significant size, with an annual growth-rate of 30%. The number of households with bankable assets over $1 million is expected to rise from 120,000 in 2007 up to 300,000 in 2012. In the same period of time, total bankable assets in India are expected to reach more than $1 trillion.