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Credit Suisse quits wealth management in several African countries -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO – The logo of Swiss bank Credit Suisse can be seen in a branch office located in Zurich (Switzerland), April 14, 2021. REUTERS/Arnd Wiegmann

ZURICH (Reuters), – Credit Suisse (SIX.) will end the wealth management in some African countries. The private clients will switch to Barclays (LON:), A spokesperson from the Swiss bank confirmed Friday that a Bloomberg report was true.

According to a statement by Credit Suisse, the agreement was made with Barclays for a private referral of clients in order to assist in its exit plan from nine non-core wealth management market markets. This included sub-Saharan Africa.

Credit Suisse is still active in South Africa.

Following a change to the strategy of the group in November 2021, the move is now complete.

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