Mumbai: Credit Suisse Group will launch its wealth management business in India as it has obtained regulatory approval, the bank said in a statement.
India’s stock markets regulator, the Securities and Exchange Board of India (SEBI), has given the bank a licence to start portfolio management schemes, it said.
This will help the bank offer investment products and services to wealthy clients in the booming economy, where a five-year bull run in the stock market and growing investor appetite for equity issues has attracted global financial firms.
Credit Suisse, which considers India a core growth market, expects households with bankable assets over $1 million to rise to 300,000 in 2012 from 120,000 last year.
The firm’s country head, Mihir Doshi, told the Reuters Investment Summit at Mumbai last month that the bank’s staff was likely to rise to about 130 by March from 94 in December.
Wealth managers, who invest money for rich people, have largely escaped fallout from the credit crisis, which has squeezed some of the world’s top banks.
Earlier this month, Credit Suisse announced a worldwide expansion plan for its flagship private banking arm and said it aimed to add 1,000 new bankers to serve wealthy clients by 2010, taking the total to around 4,100.