Credit Suisse Launches in Pakistan

10 July 2008

Credit Suisse announced today the launch of its operations in Pakistan through a wholly owned subsidiary, Credit Suisse Pakistan (Private) Limited based in Karachi. It will initially offer equity research and research sales to institutional clients, and aims to expand its operations to full broking-dealing services.

Kai Nargolwala, CEO of Credit Suisse in Asia Pacific, commented: “Today’s launch is evidence of our strong commitment to Pakistan and signals our intent to serve as a bridge between Pakistan and the international investor community. We will continue to develop our research and sales platform, with a view to offer our institutional clients full scale broker-dealer services in the first half of 2009.” Mr Nargolwala was in Karachi to officiate at the opening of Credit Suisse Pakistan’s new office.

Farid Ahmed Khan, Director at Credit Suisse, will lead the efforts to grow the Bank’s equities business in Pakistan. Mr Khan joined Credit Suisse in 2007 from MCB Asset Management Company, and has previously worked in Malaysia, Turkey and the UK for major international financial institutions. Credit Suisse has already put in place a research team for Pakistan, with active coverage of the country’s equity market.

Credit Suisse has been active in the Pakistan financial markets since 1994-95, when it advised the Government of Pakistan on the privatization of the Kot-Addu Independent Power Plant. It started research coverage of Pakistan in 2006 and covers over 50 Pakistan stocks through its proprietary valuation framework, HOLT. Credit Suisse is a leading global financial services company, with over CHF1,380 billion of asset under management as of March 31, 2008.

“We are very excited about the opportunities that Pakistan holds and believe the country’s solid fundamentals will continue to attract international investor interest in the future,” added Mr Nargolwala.

Credit Suisse’s expansion in Pakistan is in line with its strategy of maintaining a leadership position in global emerging markets. It views South Asia as a strategic market for its franchise in Asia Pacific. Credit Suisse has previously established stock broking, investment banking coverage, research and wealth management businesses in India.

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