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PT Credit Suisse Securities Indonesia, which employs about 20 people, became a full member of the Jakarta Stock Exchange in October and has spent the past few months setting up its team and putting in place its various systems.
This full service offering enables its institutional clients to tap Credit SuisseÆs equity research, global data resources and trading platform.
Kai Nargolwala, chief executive of Credit Suisse Asia-Pacific, says the firm is excited about the prospects of the Indonesian market. The Jakarta Stock Exchange Composite Index gained 52% in 2007, making it the second best performing stockmarket in Asia next to China for the second straight year.
Membership to the Jakarta Stock Exchange complements Credit Suisse's investment banking franchise in Indonesia and will allow the bank to provide more products and services to its clients, Nargolwala says.
"We believe Indonesia and Southeast Asia offer Credit Suisse and our clientsÆ tremendous growth opportunities across all parts of our franchise," says Rizal Gozali, president director of PT Credit Suisse Securities Indonesia.
Credit Suisse is forecasting 6% GDP growth for Indonesia this year, compared with an estimated 6.2% in 2007 and 5.5% in 2006. The economy is expected to benefit from strong foreign direct investment flows, a healthy current account surplus and improved business and consumer sentiment, according to the bank.
Credit Suisse is active in over 50 countries and employs approximately 47,000 people.
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