Credit Suisse pumps $164 million into India unit

Credit Suisse (NYSE:CS) has invested 7.94 billion rupees ($164 million) into its Indian finance unit allowing it to lend to firms and fund purchases of shares in initial public offerings the bank said today

Switzerland second largest bank will compete with Motion Oswal Financial Services Ltd, Kotak Mahindra Bank Ltd and Indiabulls Financial Services Ltd to fund share purchases and companies when demand for capital is slowing and IPOs are few and far between.

Credit Suisse said in a statement “We will continue to invest selectively in the growth of wealth management, investment banking and asset management business” adding that the capital infusion shows clearly their commitment.

According to Bloomberg, initial share sales slumped 46 percent in India during 2008.

Source: Bloomberg