Multinational investment bank, Credit Suisse, has pulled out of South Africa after more than a decade in the country.
According to a report by Reuters, the move forms part of Chief Executive Tidjane Thiam’s bank-wide revamp which includes a drive to focus on managing the money of wealthy investors, and scale back investment banking.
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.
Earlier this year, Deutsche Bank said that it also plans wind up its advisory, corporate broking and sponsor-services to refocus on Europe and its home market after three years of losses.
A source speaking to Reuters said that Credit Suisse will still offer private banking services for well-heeled South Africans from London, Zurich and Dubai.
Its research teams in these cities will also continue to cover selected blue-chip South African companies.