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Credit Suisse refers Mauritian wealth management clients to Barclays

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Credit Suisse refers Mauritian wealth management clients to Barclays
Photo: Reuters

Credit Suisse has decided to exit wealth management in Mauritius and has signed a deal with Barclays to take on the island’s rich clients.

“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 agreement confirms an earlier Bloomberg report.

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.

Original article at Reuters.

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The information and opinions expressed in our published works are those of authors/sources believed to be reliable. NewsMoris makes no representations as to accuracy, completeness, suitability, or validity of any information expressed.