ZURICH – Credit Suisse is pulling out of its wealth management business in a number of African countries, and the private clients are to switch to Barclays, 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.
(Reporting by Oliver Hirt; Writing by Paul Carrel; Editing by Miranda Murray)
