Briefly Business

Credit Suisse on Monday said that it has received an in-principle approval to establish a bank branch in Mumbai,enabling it to substantially expand the range of services it offers in the Indian market.

Credit Suisse branch gets in-principle nod

MUMBAI: Credit Suisse on Monday said that it has received an in-principle approval to establish a bank branch in Mumbai,enabling it to substantially expand the range of services it offers in the Indian market. Once established,the Mumbai bank branch will be able to accept deposits and use its balance-sheet to provide financing to clients,complementing the capabilities of Credit Suisses non-bank financial company in India.

Equifax gets license to start India ops

MUMBAI: Equifax,an Atlanta-based information services company,on Monday said it has received the license from the Reserve Bank of India RBI to start a credit information company in the country. We have plans to offer a variety of credit information products and services with cutting-edge technology, Equifax MD and CEI Samir Bhatia said.

SBI starts custodial joint venture ops

MUMBAI: Shortly after launching its general insurance business,State Bank of India has kicked off its custodial service operations through its joint venture with French partner Societe Generale. SBI said the JV8211; SBI Custodial Services,in which it holds 65 per cent stake and Societe Generale Securities Services the remaining 35 per cent has targeted a business of approximately 10 billion in its first year of operations.

Volvo takeover not to impact India plans

NEW DELHI: Volvo Auto India on Monday said the acquisition of its parent Volvo by Chinas Geely will not have any impact on its plans for India. The company also said there has been no discussion about the possibility of the Chinese carmaker entering India through it.

Govt approves AI JV at Bangalore

NEW DELHI: The joint venture between Air India and Singapore Air Terminal Services SATS to provide ground and cargo handling services at the Bangalore airport received the governments approval on Monday. The joint venture was among the 23 FDI proposals cleared by the government,it was officially stated.

RBI extends FCCB buyback time

Mumbai: The Reserve Bank has decided to give time to the companies till June 30 this year to buy back foreign currency convertible bonds,a step that will allow the entities to retire expensive debts. In view of the representations made by the issuers of FCCBs,it has been decided to consider applications,under the approval route,for buyback of FCCBs until June 30,2010, RBI said in a notification.

Investors make offer for Teesside plant

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New Delhi: A group of investors,including a private equity firm,has made an offer to acquire steel maker Coruss Teesside Cast Products plant,which was mothballed recently. The Tatas-owned Corus was shut earlier this year after an international consortium pulled out of a ten-year contract with the steel maker.