Mumbai: Indian shares are rising as risk appetite returns to global investors and liqudity courses back to the financial system. The 64% rise Since January in the Sensex, the country’s bellwether index on the Bombay Stock Exchange, places it among the top gainers in emerging markets. Against this backdrop, Swiss bank Credit Suisse Group AG held a conference for chief executives of financial services companies in Mumbai early this week, the first of its kind by the company in India.
Kai S. Nargolwala, chief executive officer, Asia-Pacific, Credit Suisse, who was in Mumbai to attend the conference, spoke with Mint on his firm’s plans for expanding in India, the outlook for Indian and global equity markets and investment behaviour of high net worth clients. Edited excerpts:
Eyes on future: Kai S. Nargolwala says the company has a capital-efficient model that is working very well. Ashesh Shah / Mint
Tell us about your India plans. How do you plan to grow business?India is one of our key strategic growth markets in the Asia-Pacific. We have already expanded our presence substantially and we continue to grow. We have added people in wealth management, bringing over a group of talented individuals under Amit Khandelwal to help us provide high net worth individuals, entrepreneurs and family-owned businesses with a comprehensive range of investment products and services.
In securities brokerage, we are looking to add additional strength to our equities sales, trading, research and derivatives businesses in India. In investment banking, we have scaled up significantly and have now successfully executed a number of capital market transactions, including equity placements for Unitech Ltd, Suzlon Ltd and Lanco Infratech Ltd.
We have a very good pipeline of capital markets and M&A (mergers and acquisitions) transactions and we have developed a world-class platform to help us execute our India strategy.
Is it very different from your global strategy?
No. In fact, our strategy in India reflects our global strategy at Credit Suisse. We have a client-focused, capital-efficient model that is working very well. We have been pursuing this approach while consistently reducing risk, and it is providing the basis for more sustainable, higher quality, lower volatility earnings.
Any plan to bring in more capital?
Late last year we capitalised our recently-acquired non-bank financial company with $203 milion and have now completed a number of rupee-denominated financings under the NBFC.
Strategically, how are you different from other brokerages that have been operating in India? What’s your USP?