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Credit Suisse exits South Africa after over 10 years in bank-wide revamp

Credit Suisse's website says it has offices in approximately 50 countries and lists Johannesburg as its only sub-Saharan African location

Reuters  |  Johannesberg 

Credit Suisse has pulled out of South Africa after more than a decade as part of chief executive Tidjane Thiam's bank-wide revamp, three sources with knowledge of the matter said. Switzerland's second-largest bank is in the final stages of a three-year drive to focus on managing the money of wealthy investors and scale back investment banking. "They are gone. It's a total withdrawal wrapped up some weeks back," one of the sources said. In 2013 Credit Suisse, which declined to comment, told customers in nearly 50 markets, including Congo and Angola, that ...

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First Published: Wed, November 07 2018. 18:15 IST