Credit Suisse Awarded Portfolio Management Scheme License for India
Credit Suisse is pleased to announce that it has been awarded a Portfolio Management Scheme License for India by the Securities and Exchange Board of India (SEBI). The acquisition of this license 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.
Credit Suisse has been granted a Portfolio Management Scheme License by the Securities and Exchange Board of India (SEBI). The license will allow Credit Suisse to provide high net worth individuals and institutional clients with a comprehensive range of investment products and services in response to strong demand for such products in India.
Puneet Matta, Head of Wealth Management for Credit Suisse in India, added: “Establishing wealth management operations in India represents an important step in our overall expansion and growth strategy. The acquisition of this license 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.”
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 percent. The number of households with bankable assets over USD 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 USD 1 trillion.
Credit Suisse is highly committed to the Indian market and has been building its knowledge and understanding of the region for almost ten years. The acquisition of this license further demonstrates the Bank’s commitment to this important market.
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