© 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.
Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.