Credit Suisse, Switzerland-based financial services provider said on Wednesday it has got approval from the Securities and Exchange Board of India to start merchant banking operation in the country.
This would permit the company to provide a wide range of onshore securities underwriting and corporate finance services in the country, Credit Suisse said in a statement.
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 & IT, and real estate,
it said.
India has seen more than $39 billion of cross-border M&A activities in 2007 year-to-date, an increase of 40 per cent from the 2006 annual volume.
"Our expansion into investment banking onshore in India highlights Credit Suisses broad-based approach in building an integrated, comprehensive global financial services platform in the country," said Credit Suisse Investment Bank CEO Paul Calello.
Credit Suisse, which started brokerage operation in March this year also has 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.
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