Credit Suisse pulls out of South Africa in global revamp
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.
Credit Suisse spokesman said: “We announced earlier this year that we were reviewing our operations in Johannesburg, and subsequently took the decision to close the office.
“South Africa remains a focus for Credit Suisse, and we continue to serve clients across our wealth management and investment banking franchises.”
The Swiss bank will therefore continue to 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.
The latest move comes as the country faces the first recession since 2009. The country is also said to record the lowest level of mergers and acquisition activities in a decade.
The news comes less than a week after reports that UBS and HSBC were closing their representative offices in Nigeria.