Switzerland's Credit Suisse is in the final stages of a three-year drive to focus on managing the money of wealthy investors and scale back investment banking.
Thursday 08, November 2018 BY KUDAKWASHE MUZORIWA
Credit Suisse has pulled out of South Africa after more than a decade as part of the Chief Executive, Tidjane Thiam's bank-wide revamp.
James Quinn, Credit Suisse’s spokesman, said that the bank announced earlier this year that it was reviewing its Johannesburg operations and subsequently took the decision to close the office. Credit Suisse will offer private banking services for well-heeled South Africans from London, Zurich and Dubai.
On its website, the lender states that it has offices in approximately 50 countries and lists Johannesburg as its only sub-Saharan African location.
In 2013 Credit Suisse is said to have told customers in nearly 50 markets, including Congo and Angola, that it would end cross-border wealth management business with them.
The Swiss bank's quiet withdrawal comes months after its rival Deutsche Bank said it would wind up its advisory, corporate broking and sponsor-services to refocus on Europe and its home market after three years of losses.
Credit Suisse, which had around 30 staff at its Johannesburg office, re-entered South Africa in 2006 after leaving in the 1980s under pressure from anti-apartheid campaigners, reported Reuters.