Credit Suisse: no plans to exit India back office

BANGALORE, INDIA: Credit Suisse Group has no plans to exit its back-office operations in India and said it plans to open its second captive centre in the country in November.

The Swiss bank said it plans to employ 350 staff by 2010 at its new captive centre. The bank already employs 2,000 at its first captive back office in the country, it said in a statement.

Some global financial firms, emerging from the worst economic crisis since the Great Depression, are looking to shed India back office operations as they focus on core operations and cost cuts.