Credit Suisse, one of the world's top investment banks, said on Wednesday it had obtained its Indian merchant banking licence, allowing it to underwrite domestic stock and bond deals in the booming market.
Credit Suisse, which hired V. Anantharaman to lead its Indian investment banking team in October, launched its domestic brokerage operations in March 2007.The firm was hit with a two-year securities trading suspension in India in 2001, with domestic regulators alleging it had violated rules on price manipulation.
Credit's Suisse's licence comes at a time when rivals like Goldman Sachs, Merrill Lynch and Morgan Stanley are expanding their Indian operations to take advantage of booming cross-border M&A deals and securities issuance.
Those three firms have all recently detached from their local partners to go it alone in the market, while firms like Lehman Brothers are building up their franchises, leading to a war for talent in the banking sector.
Read more in The DNA Money article.
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