Credit Suisse has launched its Lombard Loan product range in India for its wealth management clients as it continues to make in-roads in the one of the world’s fastest growing economies.
The new product line provides financing to clients through its non-banking financial subsidiary in India, Credit Suisse Finance (India) Pvt Ltd.
Lombard Loan products include lending on single stock, diversified portfolios including equities, mutual fund units, fixed deposits and structured products.
The bank first began offering wealth management operations in India in 2008.
Credit Suisse granted Indian bank licence
In August, Credit Suisse received a licence from the Reserve Bank of India to establish a bank branch in Mumbai.
The licence enables Credit Suisse to expand the range of services it offers in the market, including dealing in Indian Government securities, other domestic fixed income products and foreign exchange and compete with the most active players such as BNP Paribas/Geojit and Religare Macquarie.
The bank said the launch represents a “landmark” in Credit Suisse’s Indian expansion.