Credit Suisse to exit South Africa: report

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.

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Credit Suisse to exit South Africa: report