Indian unit gets more capital pumped in

By M.C. Govardhana Rangan  |   2009-1-7  |     NEWSPAPER EDITION

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CREDIT Suisse Group AG, Switzerland's second-largest bank, has put more money into its Indian finance unit to help it lend to companies and fund purchases of shares in initial public offerings.

The bank has invested 7.94 billion rupees (US$164 million) in Credit Suisse Finance (India) Pvt, taking the total capital of the unit to 8.27 billion rupees, the bank said in a statement yesterday.

Credit Suisse will compete with Indiabulls Financial Services Ltd, Kotak Mahindra Bank Ltd, and Motilal Oswal Financial Services Ltd to fund firms and share purchases when demand for capital is slowing and IPOs are rare, Bloomberg News said.

The firm will invest selectively to grow wealth management, investment banking and asset management business, according to Mihir Doshi, country head at Credit Suisse.


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