Credit Suisse quits wealth management in several African countries By Reuters

© Reuters. FILE PHOTO: The logo of Swiss bank Credit Suisse is seen at a branch office in Zurich, Switzerland April 14, 2021. REUTERS/Arnd Wiegmann

ZURICH (Reuters) – Credit Suisse (SIX:) is pulling out of its wealth management business in a number of African countries, and the private clients are to switch to Barclays (LON:), a spokesperson for the Swiss bank said on Friday, confirming a Bloomberg report.

“Credit Suisse has signed a private banking client referral agreement with Barclays as part of its plan to exit nine non-core wealth management markets, primarily in sub-Saharan Africa,” the Swiss bank said in a statement sent to Reuters.

Credit Suisse will remain active in South Africa.

The move comes in the wake of an adjustment to the group’s strategy announced in November 2021.

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