Multinational investment bank, Credit Suisse,\u00a0has pulled out of South Africa after more than a decade in the country.<\/p>\n
According to a report by Reuters, the move forms part of\u00a0Chief Executive Tidjane Thiam\u2019s bank-wide revamp which includes a\u00a0drive to focus on managing the money of wealthy investors, and scale back investment banking.<\/p>\n
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.<\/p>\n
Earlier this year,\u00a0Deutsche 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.<\/p>\n
A source speaking to Reuters said that\u00a0Credit Suisse will still offer private banking services for well-heeled South Africans from London, Zurich and Dubai.<\/p>\n
Its research teams in these cities will also continue to cover selected blue-chip South African companies.<\/p>\n