Paul Calello, CEO of Credit Suisse, in Mumbai on Thursday. (Fotocorp)

Mumbai, Nov. 2: The Zurich-based Credit Suisse is setting up a unit in Pune to provide technology support to the financial services company’s businesses across 50 countries and will eventually employ 1,500 staff.

The Pune unit is being viewed as the company’s first major step in venturing into a host of activities in India.

Credit Suisse has placed India as one of the important growth markets for its Asia Pacific business.

The company is re-activating its brokerage and corporate advisory services in the country. In 2005, it opened a financial consultancy and advisory office in Mumbai to increase its wealth management business.

The bank has also made senior-level appointments to take these plans forward. Mickey Doshi has been appointed as country head and head of its investment banking division in India, Nilesh Jasani as head of research and V. Anantharaman as head of its investment banking department.

Called the centre of excellence (CoE), the Pune unit follows similar centres in Singapore and North Carolina in the United States. This forms part of a global sourcing initiative by Credit Suisse to leverage talent around the world and maximise efficient use of its resources. However, Credit Suisse did not reveal the investment that would go into this project.

The Pune site will become operational in January 2007.

Paul Calello, chief executive officer for the Asia Pacific region, said, “This is an important milestone for Credit Suisse ... And reflects the success of Credit Suisse's integrated global bank model.”

“This is our first step. We are walking before running,” he added, thereby indicating that the financial services company will first focus on setting up the necessary infrastructure, after which it would venture into specific areas.

“Credit Suisse is still a member of both the exchanges. We only need to reactivate it,” officials said while adding that the company will continue to focus on institutional broking and that there is no plan to enter retail broking at this moment.

It is also expected that Credit Suisse will enter investment banking early next year.

“In the coming years, it may venture into other businesses that include private banking and asset management,” sources said.