Credit Suisse injects Rs 794 crore in NBFC

Credit Suisse injects Rs 794 crore in NBFCSwiss banking major Credit Suisse has revealed that it has invested Rs 794 crore in its non-banking finance company (NBFC) named Credit Suisse Finance India.

According to sources, the company has pumped the said amount in order to fund the operations of its Indian non-banking finance company (NBFC) in India. With the fresh funds, the total capital of Credit Suisse Finance (India) now stands at Rs 827 crore.

Credit Suisse Finance (India), a wholly-owned non-banking finance arm of the Credit Suisse, intends to offer asset backed financing, securities backed financing, IPO lending and pre-IPO funding to corporate and individual customers.

Commenting on the investment, Mr. Mihir Doshi, Managing Director and country head, Credit Suisse in India stated, "This capital infusion is a very clear statement of our commitment to the growth of our business in India. We will continue to invest selectively in the growth of wealth management, investment banking and asset management business."

India is a core growth market for Credit Suisse. In 2007 Credit Suisse rolled out its India brokerage operation and obtained a merchant banker licence.