Credit Suisse is pulling out of nine African countries and referring clients to competitor, according to agency reports.
Switzerland's number two bank is ending its client relationships in countries south of the Sahara, according to a «Bloomberg» report.
Ivory Coast, Ghana, Nigeria, Kenya, Mauritius, Tanzania, Zambia, Botswana and the Seychelles, are the countries in question, with activities in South Africa unaffected.
Credit Suisse's clients in those nine countries, with about $2.5 billion in assets under management, will be brokered under an agreement by Britain's Barclays Bank, the Swiss bank told the news agency in a statement.
The withdrawal is because they are not part of Credit Suisse's core wealth management business, the bank said. No financial terms of the agreement with Barclays were disclosed. This will depend on how many clients effectively transfer their assets, according to «Bloomberg.»
