Goldman Sachs, Credit Suisse Seek Banking Licence In India

Published: 29-Sep-2009

To offer a range of products and services, including derivatives and forex services

Goldman Sachs, the US-based investment bank and Credit Suisse, the Swiss banking giant, are seeking banking licenses in India to play a major role – reported the Economic Times.

Reportedly, both the banks already have licences for merchant banking in India. If they succeed in their endeavour, it would allow them to offer a range of products and services, including derivatives and forex services. Goldman intends to offer products and services from its fixed income, currency and commodities (FICC) division, which is part of the securities division worldwide. On the other hand, Credit Suisse wants to accept deposits and offer whole sale banking products.

Besides these two marque brands in the world of capital raising, major Australian banks are also reported to be interested to enter into the Indian market. ANZ, which had sold its operations to StanChart recently, has already applied for a banking licence.

Abizer Diwanji, head of financial services at KPMG, said: "They could also offer high-end products to these HNIs. The easing of the financial turmoil would have led to some of these banks to look for a banking presence in India. Some of the Australian banks are also looking at banking operations. However, the foreign bank space is very overcrowded in the country," reported the newspaper.

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