Banking giant Credit Suisse has pulled out of nine African wealth management markets.
The Swiss firm has decided to exit non-core wealth markets in the continent, excluding South Africa.
They are Botswana, Ghana, Ivory Coast, Kenya, Mauritius, Nigeria, the Seychelles, Tanzania, and Zambia.
Credit Suisse has also inked a deal with Barclays which will take on the firm’s wealthy clients in the African countries.
A spokesperson for the Swiss wealth manager said: “Credit Suisse has signed a private banking client referral agreement with Barclays as part of the plan to exit nine non-core wealth management markets primarily in Sub-Saharan Africa, excluding South Africa – as announced in November 2021 as part of the bank’s group strategy review.”
International Adviser contacted Barclays for comment, but did not receive a reply in time for publication.