Credit Suisse quietly withdraws from SA
Like other European players, Credit Suisse has been struggling to compete with the US investment banks
Credit Suisse has pulled out of SA after more than a decade as part of CEO 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 the Democratic Republic of Congo (DRC) and Angola, that it would end cross-border wealth management business with them. Credit Suisse’s website says it has offices in approximately 50 countries and lists Johannesburg as its only Sub-Saharan African location. Thiam, who, in September, ruled himself out as a candidate for political office in his native Ivory Coast, has been the driving force behind the changes at the Swiss bank. Like other European players, Credit Suisse has bee...
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