Credit Suisse is more relevant to India's financial system than Silicon Valley Bank (SVB).

New Delhi:

After the closure of America's Silicon Valley Bank and Silvergate Bank, now the condition of Credit Suisse (Credit Suisse), one of the largest banks in Europe, is bad.

Due to the fall in three months, the price of bank stocks has come down by one-third.

This has forced big economies around the world to think.

Talks have started happening in India about this.

Due to the Credit Suisse crisis, the problems of rich Indians have also started increasing.

A firm backed by the royal family of Switzerland's tiny neighboring country of Liechtenstein said on Tuesday that the Credit Suisse Group crisis is likely to dent the way wealthy Indians manage international funds.

Rajesh Cheruvu, Chief Investment Officer and Managing Director, LGT Wealth India Pvt Ltd, said, “Many multinational financial institutions have entered and exited the Indian markets in the last 15 years.

That's why the Credit Suisse crisis is troubling wealthy Indian investors.

Cheruvu told Bloomberg Television, "This particular incident is once again a reminder of past uncertainty in terms of their business strategies. Investors primarily want stability for their business operations and their business advisors."

This year Citigroup Inc.

Exited its retail operations in India through Axis Bank.

Citigroup transferred all its business to the country's third largest private sector lender Bank.

In addition, Credit Suisse's new buyers over the past decade - UBS AG, Morgan Stanley and Macquarie Group Ltd - exited the country's private wealth business after finding it difficult to build business with millionaire investors.

Yet as India moves towards development, the amount of money making and professional fund management approach among people is also increasing rapidly.

It has also attracted many investors as they want to capture a piece of the country's $600 billion fund industry.

This industry is growing in double digits annually.

At the same time, HSBC Holdings Plc is planning to launch an onshore private banking service to retain its wealthy investors in India.

While Julius Baer Group Limited aims to expand its business to more locations in the next five years.

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