Credit Suisse awaits approval for expanding fund business in India

Mumbai: Investment bank Credit Suisse, which relaunched its brokerage business in India earlier this year, is awaiting regulatory approval for wealth management and other businesses in the country.

Credit Suisse will add about 35 staff to ramp up its business over the next few months, the firm's country head said. The firm currently employs about 94 people in its India business and expects that number to rise to 125 or 130 by March, Mihir Doshi, managing director and country head, said.

Credit Suisse is also considering entering the fund management business in India, Doshi told an investment summit.

Credit Suisse said it plans to increase staff at its offshore operation in Pune from the current 900 to about 2,400 by the end of 2008.

Credit Suisse may also consider applying for a banking licence in India, and may also look to offer listed derivatives, Doshi added.