The FINANCIAL — Credit Suisse announced on September 3 the appointment of Rajiv Baruah as the Branch Manager of Credit Suisse AG Mumbai Branch, following approval by the Reserve Bank of India.
He will also retain his role as Managing Director and Head of Fixed Income, India, according to Credit Suisse.
As Branch Manager, Mr. Baruah will be responsible for overseeing the Branch’s business and operational activities, including ensuring compliance with all the applicable laws and regulations, adequate risk management oversight and sound internal controls. He will continue to oversee the Bank’s strong fixed income platform in India including foreign exchange, rates, credit and emerging markets financing and trading activities.
“India remains a market of strategic importance for Credit Suisse in Asia Pacific, and we are pleased to have Rajiv lead our efforts in Mumbai,” said Mihir Doshi, Chief Executive Officer for India. “Rajiv’s broadened responsibilities will allow him to work closely with regulators, ensuring our business and operational activities are compliant with the local regulatory framework. His new role will also enable him to collaborate with colleagues across a range of businesses to provide a more comprehensive set of solutions to our clients.”
Mr. Baruah joined Credit Suisse in May as a Managing Director and Head of Fixed Income, India and has over 25 years of experience in the finance industry across trading, sales and structuring in Singapore, Hong Kong, Mumbai, Kolkata and London.
In August 2010, Credit Suisse launched the operations of its Mumbai Bank Branch, allowing it to accept deposits and use its balance sheet to provide financing to clients, and permitting it to deal in Indian Government securities, other domestic fixed income products and foreign exchange. The Bank began domestic fixed income operations in India, when it acquired a Non-Bank Financial Company in 2008, which enabled the Bank to support key clients with its balance sheet in local currency.