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Credit Suisse India to get banking license

The Indian arm of the Swiss financial services behemoth may soon launch its banking operations here, after receiving in-principle approval from the RBI

The Indian arm of Swiss financial services conglomerate Credit Suisse Group has received an in-principle nod from the country’s central bank, the Reserve Bank of India (RBI), to launch banking services here.

The multinational company (MNC), which has been operating in India with a focus on wealth management and investment banking, is likely to get its banking license soon. Mihir Doshi, country head, Swiss Bank India, confirmed the development to Moneylife. “We have received an in-principle approval from the RBI. We are still working on the modalities; (we) have not yet decided as to when we plan to launch our banking operations.”

Finance minister Pranab Mukherjee had in his Budget day speech earlier this year announced his intention to offer banking licenses to new entities. There was a lot of speculation in industry and media circles that the first to get banking licenses would be Indian non-banking finance companies (NBFCs).

Indian NBFCs like Indiabulls, Reliance Capital, Religare, IL&FS, IDFC and Aditya Birla Financial Services were considered likely to apply for bank licences after the announcement. Players like Aditya Birla Financial Services and the Shriram Group have already evinced interest in floating their own banks.

As such, Credit Suisse could emerge among the first companies to get the coveted banking license from the RBI. Its presence would mark the entry of yet another foreign bank in India’s banking fraternity. More significantly, Credit Suisse’s entry will usher in the sophisticated and professional practices of the world-renowned Swiss banking community.

Credit Suisse is active in over 50 countries and employs more than 48,000 people from approximately 100 different nations. Its total assets under management (AUM) as at 31 March 2010 stands at 1,270 billion Swiss francs.

This development is also significant as no new banks have been set up in the past eight years in India. In fact, no new Indian bank has been set up since the first flush of liberalisation in 1993 when half-a-dozen banking licences were handed out.

NBFCs that were earlier allowed to be converted into banks were Kotak Mahindra Finance and 20th Century Finance. While Kotak has diversified into various financial services, 20th Century became Centurion Bank; it was taken over by a bunch of private equity investors and eventually merged with HDFC Bank. Two of the other new licensees in the early 1990s—HDFC Bank and UTI Bank (renamed Axis Bank)—have become very successful private banks.



jack loach

4 years ago

Pictet & Cie. Bank – list of crimes.

1996 ---- Breach in London.
2003 --- FSA --- States rogues operating in Pictet’s –London
Office . Ivan Pictet said documents were forgeries but
were lated proved to be genuine. Had documents held
in London office destroyed.

2007 --- Japan. ---- The Securities and Exchange Surveillance
issued a recommendation that the Prime Minister and
The Commissioner of the FSA to take disciplinary
action against Pictet Asset Management. Japan Ltd.

2008 --- Dec. ---Pictet Bank state --- “ we have never chosen
any funds linked to Madoff.”

2011 --- Madoff Trustees sue Pictet & Cie. For $156 Million.

2011--- Bank at centre of Bribery and money laundering case.
Being sued for $350 million. ( In U.S.A.)

2012.--- Geneva Bank Pictet used in Offshore Tax Scheme.
U.S. Authority states.

jack loach

6 years ago

Update .Dec . 17 th. 2010.

Nov.23 - - -Nov.26 th. 2010.
The following sent to - - - - 312- - Lords - - - - - - House of Lords.
The following sent to - - - - 649 - - M.P.'s - - - - - House of Commons.


Pictet & Cie Bank.

Ivan Pictet.
Charles Pictet.
Nicolas Pictet.
Jacques de Saussure.
Jean – Francois Demole.
Renaud de Planta.
Philippe Bertherat..

Pictet & Cie.- claim they are the “Rolls Royce”of swiss banks.

Swiss Banks or more correctly Swizz banks.

Swizz. ---- “ a great disappointment.” or a “ fraud.”

Fraud. ---“ an intentional deception or dishonesty.”— “a crime.”

Crime. ---“ an act committed or omitted in violation of a law.”

Serious Crimes .
Conspiring to pervert the Course of Justice.
Perverting the Course of Justice.
Contempt of Court.

Pictet & Cie Bank –Partners –(1996—2010)-liable.
Peters &Peters – Partners.—(1999----2010)-liable.

The bank and it’s officials/lawyers deliberately withheld crucial documents requested under a High Court order. The bank and it’s officials/lawyers deliberately withheld evidence from the Police, and one of it’s account managers Susan Broadhead gave a false witness statement to the Police.
Another one of it’s managers Nicholas Campiche ( Now Head of Pictet – Alternative Investments.) concocted a letter pretending to be a client and closed his account. The senior partner (Ivan Pictet.) sought to have numerous documents destroyed,along with those copies held in their London office’s of Pictet Asset Management. Initially stating that they were forgeries then their lawyers Peters & Peters – Monty Raphael –and the barrister Charles Flint.Q.C. later had to admit in Court that the documents were genuine.

British Parliament. Hansard .29th March 2007.
Barry Sheerman .M.P.—quote.

---------“ Constituents of mine have lost £2 million through fraud. The fraudster used Pictet & Cie - - a French Bank - - and Pictet Asset Management to back the fraud being perpetrated.””

(1) It is a criminal offence for a bank to knowingly act for an undischarged criminal bankrupt in so far as it seeks to assist that criminal bankrupt in the fraudulent movement of monies. ( Money Laundering.)

(2) It is a criminal offence for a bank to lie to the police and the bankrupts trustee in bankruptcy in so far as any knowledge of, or dealings with the bank was refuted .

(3) A bank can be guilty of Contempt of Court if it fails to comply fully with the Courts order for discovery .

(4) The banks contempt is further compounded if it fails to address its error after it is specifically drawn to the to its solicitors attention. ( Monty Raphael).

(5) It is a criminal offence under the Financial Services Act to seek to destroy evidence that might be relevant to an investigation .

(6) It is a criminal offence not to relinquish control of funds to the Trustee immediately the fact of the bankruptcy is drawn to the banks attention.

(7) It is a criminal offence to lie or otherwise obfuscate the lawful and proper enquiries of the F.S.A.

In the F.S.A. cover up , they concluded that there had been “ Rogue” elements in Pictet & Cie’s , London operations . They had been moved from their London Office so who was there left to prosecute. “ Unbelievable.”

On Dec 9th,2008. the complaint was sent to 150 Members of the House Of Lords and 230 Members of Parliament.

*** We thank --David Cameron. M.P. ( Canary Wharf Speech.) Dec. 15th. 2008.

(1) Bankers who behave irresponsibly should face professional consequences.
(2) If anyone is found to have behaved criminally they must be prosecuted.
(3) The F.S.A and the Serious Fraud Office should be following up every lead,
investigating every suspect transaction .
(4) We need to make it 100% clear –those who break the law should face
(5) That we make sure we root out any wrongdoing that may have happened, whoever
is involved, however high or well connected they may be.

Ivan Pictet.
Managing partner in Pictet & Cie Bank . --- retiring -?. 2010.
President of the Geneva Financial Centre. ---stepping down -2010. ?
World Bank.committee member.---- ?
United Nations. Investment Committee member,
Vice President – Global Humanitarian Forum. --- redundant.2010.?
Member of the Henokiens.
Blackstone Group --- Board Member.
Past- President – Geneva Private Bankers association.
Past –President – Geneva Chamber of Commerce and Industry.

Monty Raphael. ( Peters & Peters.)
Quote.” ---- Doyen of U.K. Fraud lawyers.
Head of Fraud and Regulatory Dept. ---- stepping down, --2009.? Director of the Fraud Advisory panel.
Member of the Law Society of England & Wales.
International Bar Association Member.

Written Parliamentary Questions received by the table office ..

(1) To ask the secretary of state what steps he is taking to ensure that Swiss Banks such as Pictet & Cie do not evade criminal prosecution under EU law even when the illegal act is committed by a London based subsidiary.

(2)To ask the secretary of state what steps he is taking to protect the rights of UK citizens who seek redress following criminal activities by Swiss banks with subsidiary offices located in London.

On Dec 9th,2008. the complaint was sent to 150 Members of the House Of Lords and 230 Members of Parliament.
On Aug 19th.2009.another complainants file regarding the “cover up” was forwarded to the same 380 members.

We started our campaign in June 2008 -- via the “net” to highlight our fight to get “justice”. In our second year campaign we hoped to reveal further damning evidence . Due to there being an on going Police investigation into our complaint we are at this moment unable to place dozens of documents on to the “net”. Again we thank other “ E- Mailers” for their information in relation to our campaign.

Quote. ( America’s Top Lawyer .)
You can be the richest man in the world with the best lawyers that money can buy but you cannot win against a man who has got nothing left to lose and is telling the truth.

Truth Hurts.
Ivan Pictet. Announces stepping down from Pictet & Cie. 5th Feb 2010.
Stepping Down—President of Geneva Financial centre.—2010.
Monty Raphael. Steps down as head . May. 2009.

*** We note that there has been a sharp increase in Peters & Peters partners leaving to go to other practices. Moving does not alleviate them of any responsibility from any illegalities that may have occurred at Peters & Peters during their partnership tenure. From 1999 onwards.

*** Were currently waiting to see if the Police and other Law Enforcement Bodies attempt to cover this case up like their F.S.A. counterparts. If they do –“ then watch this space.”

We were informed that due to pressure from our M.P. that the Ministry of Justice have asked Lord Myners to investigate our claims that the F.S.A. covered up the illegal activities of Pictet Asset Management. London.

The consensus of opinion is the Pictet & Cie should be prosecuted , and that their U.K. banking licence should be taken away.

Their solicitors at Peters & Peters .London -- prosecuted and” struck off”..

*** Started campaign --- June 6th.2008.
2 years ---- approx 2million e-mails - - - but still no writs, injunctions or threats of litigation - - - WHY - - - because it is all true.

*** . The bigger they are --- the harder they fall.!!!
In America ---- they would have all been in prison for the last seven years.
Nov.23rd --Nov.26th. 2010 .
The above sent to ------ 312 - - Lords - - - House of Lords.
The above sent to --- --649 - - M.P.'s - - - House of Commons._

Full Story.
Go to search box on “Google” and insert ( Ivan Pictet / Monty Raphael) or
insert ( Pictet & Cie / Monty Raphael ) - - then try it on “Google”.
Or try on Yahoo. - - - ( Charles Flint Q.C.) .
Or try on Yahoo - - - ( Nicholas Campiche.)


jack loach

In Reply to jack loach 5 years ago

*** Were currently waiting to see if the West Yorkshire Police :-
(1) Chief Constable. --- Sir Norman Bettison.
(2) Forces Solicitor . -- Mike Percival .
(3) Head Of Economic Crime Unit. -- Det . Chief Inspector Steven Taylor.
continue to attempt to cover this case up like their F.S.A. counterparts. If they do –“ then watch this space.”

We were informed that due to pressure from our M.P. that the Ministry of Justice have asked Lord Myners to investigate our claims that the F.S.A. covered up the illegal activities of Pictet Asset Management. London.
It has been noted that the book launch for PICTET was held at Lord Myners Belgravia home.We might as well have asked Ivan Pictet to investigate our complaint.-or someone from FRIENDS RE-UNITED.
Lady Myners on Prix PICTET advisory board.

The consensus of opinion is the Pictet & Cie should be prosecuted , and that their U.K. banking licence should be taken away.

Their Solicitors at Peters & Peters .London “ struck off and prosecuted..”
In America ---- they would have all been in prison for the last seven years.

jack loach

In Reply to jack loach 5 years ago

West Yorkshire Police.

We note that Det Chief Inspector Steven Taylor has been removed as Head of the Economic Crime Unit and demoted to Det. Inspector. ( one down two to go.)

A file of some 339 pages including scores of documentation has been forwarded to the following ---
640 --- Members of Parliament.
460 --- Members of the House of Lords.
Ministry of Justice.
F.S.A. – Financial Services Authority.
Serious Fraud Office,
Peters & Peters .London. -- Solicitors.
Pictet & Cie Bank --- London & Geneva.
West Yorkshire Police Authority.
I.P.C.C.--- Independent Police Complaints Commission.
C.C.R.C. --- Criminal Cases Review Commission.
Swiss Ambassador London.


6 years ago

Respected Regulatory Authorities
Before issuing any more licences to the NBFC & Industrial/Business houses, let us go through the ground realities from different angles as an Investor, Depositor & as a Regulator of the Republic Citizens of India and then let us come to an debatable conclusion if India really requires new faces of private banks and if answer is really YES then let us answer some questions i.e. whether the existing regulator has enough capacity to monitor those new faces? Whether the regulator was successful in the past in monitoring the existing banks? Where is the accountability of the regulator & the promoters in monitoring those sunk ships like GTB and various NBFCs like CRB, Lloyds etc ? Is our Regulator know for giving clean chits?. How does RBI monitor those mushrooming Microfinance companies ? who loot the poor by charging 25% to 40% Interest in the name financial inclusion, by adopting all unethical practices including involvement in money laundering activities. Does RBI has control over Microfinance Companies towards end use of those funds? Or is it the best time to consolidate banking sector with few private and nationalised bank and save the investors money. Let us discuss all those points in detail
With my 17 years experience in private bank, we have seen the tremendous growth in business by adopting all unethical practices, and major chunk of business is pooled from nationalised bank, as at that time the nationalised bank were not having core banking solutions and ATM network till 2007, but now due to core banking solutions, most of the corporate and individuals feel more secured with the transparency of nationalised bank and the same concepts stands true with insurance also and hence we see the reverse scenario of shifting the business back to the nationalised bank. Refer my comment on Axis Culture Ref Business India dated 25/07/2010 & page 8 of Business India – Independence Day special issue dated 22/08/2010. “Axis Bank has grown by acquiring business by putting aggressive pressure on the branches and adopting all unethical and illegal practices and ignored fundamental aspects of banking such as operational efficiency, staff accountability, audit & compliance and hence the bank is facing a serious issues with a high NPAs, serious frauds through senior branch officials due to business pressure and also unethical HR practices like withdrawal of ESOPs up to the level of AVPs and giving 1 lac and 2 lac esops to MD and DMD, promotion not on the basis of merits and performance but on the basis of lobbying, frequent changes in PMS & Promotion policies has increased staff attrition rate. Its a time to re look into those issues seriously and grow clean & green in order to bring the permanent light from shadow. Sanjay Prabhu – Pune Ex Employee & Share Holder of Axis”
Axis Bank in order to show 70% YoY growth, has given unachievable budgets of 90% to 100% yoy basis to Branch Head and employees and those Branch Heads has adopted all unethical and illegal practices to achieve the budgeted level of growth, and in the pressure of growing business they have unknowingly committed serious frauds not only in savings and current accounts but also a criminal breach of trust in Govt Accounts such as JNNURM 150 crores fraud with Nashik Municipal Corporation Accounts, Central Excise Chandigarh fraud, Defence Accounts frauds at Kanpur, out of court settlement with Exporters in forex derivatives frauds, Agri Credit fraud at Rajkot, Lucknow, Forex Frauds in Kolkatta and Mumbai, agricultural debt waiver and debt relief scheme frauds which has been happening for last 3 years and the bank internal and external auditors could not unearth the frauds, as the auditors like Mr. Vyas – VP & Zonal Audit Head & Mr. Nandi – erstwhile Zonal Head and presently the Audit Head of the Bank, was himself involved in serious frauds and hence before giving licences to any new faces I request CBI, Enforcement Directorate & Economic Offence Wing should investigate in to the matter and fix accountability on the Top Officials of Axis Bank.
After my whistle blower on staff accountability, axis bank management woke up suddenly after 15 years and first time in the history of axis bank they have realised that they are dealing in public money and they have terminated the services of those branch heads and junior employees who actually where not the real beneficiaries of frauds, but the Axis Bank top management who took a large chunk of variable and functional pay along with large number of ESOPs where the actual beneficiaries of those frauds, as all unethical practices has been forced by the management on the branches in order to deliver the results at any cost and hence the branch employees had no option, but to bribe the officials and get the business and the branch heads and junior level employees have been made scapegoat by the management.
By giving new licenses to new faces we will be compromising on safety and security aspects of public money, as the preset regulatory authority has failed in monitoring the existing private bank and if we allow new faces we will be putting more burden on the depositors money. Presently in Urban & Semi-Urban locations we see all the Nationalized & Private Sector Bank not competing but actually pulling the business of each other by adopting all unethical and illegal practices. In order to handle the same volume of business at one center we spend crores of investors money in various banks branches leased premises rentals & lavish Interiors, staff cost, Electricity and if we consolidate and grow with few private and nationalized bank, then every bank will have enough business to handle, we will see healthy competition and the greatest saving will be on the multiple cost incurred by each bank on leased premises rentals & lavish Interiors, staff cost, Electricity & transactions cost, which will definitely add value to investors / depositors money, at the same time it will be easy for Regulatory Authority too to monitor and keep a track of the situation.
I see the future of India in villages / rural areas i.e. category III to VI Branches and hence in order to capture the great potentials of growth in Agri business and to give equal opportunity for Poor and underprivileged to enjoy better standard of living, it is our obligation to provide transparent banking facilities towards financial inclusion in those villages, but keep in mind that not at the cost of looting the poor in the name of financial inclusion. Hence RBI as the regulator should make it compulsory for all private banks that rural Savings A/c & Current A/c should have an average balance requirement of Rs. 1000/- & 2500/- respectively and the charge structure should not be the looting one as it is prevailing today in private sector banks. RBI should monitor the bank more aggressively and also keep the third eye reserved in order to monitor the worst practices adopted by the bank management, so that we can protect the interest of investors / depositors, before it is too late. I would like to quote one such example of Axis Bank failure on Corporate governance which is as under
“In February 2010 the Times of India & Economic Times has reported that axis banks new headquarters deal in buying Bombay dyeing property at Rs. 782 croes is the costliest deal in the present market recession, where as the similar properties are available at Rs. 500 crores and even banks like ICICI is cutting its cost by shifting the major departments to hyderabad and Axis Bank being the schedule commercial bank should have invited quotes for such a huge investment of public money through all the leading newspaper for buying the property, instead they have opted illegal methods and paid the brokerage to the tune of 23.50 crores from public kitty and they have deceived the investors and taxpayers money to the tune of rs. 282 crores , plus the brokerage to the tune of rs. 23.50 crores. Banks top officials are involved in multi crore fraud of leased premises, wherein they have purchased the Branch & ATM premises in their relatives name and given it to Axis Bank at a rent which is twice above the prevailing market price and if this type of practices continues in private sector banks then I am sure the new junior faces will follow the legacy of our new and old generation private sector banks and the depositors will be taken for a Ferrari Ride.
Wake up regulators, its time to act judiciously in the interest of the investors, as every one wants to take a bath in the holy rivers of India and make it more polluted. If this fraudulent practices continues with the blessings of our regulators, then we will see collapse of Indian financial systems and RBI will have to merge this white private sector elephants with nationalized bank and we will see more frauds in banking similar in line of satyam.
If you really wants to give the opportunity of adding new faces in the banking, then I request you to give the opportunity to the Indian Post Offices and LIC, and I am sure they will handle the job of financial inclusion in a sincere manner.
My sincere thanks to Dr K. C. Chakrabarty, Deputy Governor, RBI, as we see one person among the 113 crores population, who can voice the concern for investors protection and if every citizen try to perform his duties with sincerity then India can have Ram Rajya against all the odd Rawanas.

Sanjay Prabhu – Pune
President of Private Bank Employees & Investors Protection Forum
Ex Discharged Employee & Share Holder of Axis Bank

[email protected] 95940 88588

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