Credit Suisse refers some African wealth management clients to Barclays

FILE PHOTO: The logo of Swiss bank Credit Suisse is seen in Zurich
FILE PHOTO: The logo of Swiss bank Credit Suisse is seen at a branch office in Zurich, Switzerland, November 3, 2021. REUTERS/Arnd WIegmann

February 4, 2022

ZURICH (Reuters) – Credit Suisse has signed a deal with Barclays to take on rich clients in parts of Africa after it decided to exit wealth management in nine countries, the Swiss bank said on Friday, confirming an earlier Bloomberg report.

“Credit Suisse has signed a private banking client referral agreement with Barclays as part of the plan to exit nine non-core wealth management markets primarily in Sub-Saharan Africa, excluding South Africa – as announced in November 2021 as part of the bank’s Group Strategy Review,” the bank said in a statement to Reuters.

The assets under management total around $2.5 billion, the Bloomberg report said.

Botswana, Ghana, Ivory Coast, Kenya, Mauritius, Nigeria, the Seychelles, Tanzania and Zambia are the countries affected, according to the report.

The financial terms of the deal between the Credit Suisse and Barclays would depend on how many clients transferred their assets, the report added, citing people familiar with the matter.

(Reporting by John Revill; Editing by Sherry Jacob-Phillips)