Credit Suisse is deploying investment bankers to lure African entrepreneurs as the Swiss bank attempts build its wealth-management business on the continent, Bloomberg has reported.
In an interview to Bloomberg, John Wright, a managing director and market leader for Africa at Credit Suisse, said those investment bankers will offer services from capital raising to trade finance and mergers and acquisitions advice.
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"We have a dedicated group of investment bankers embedded within private banking. They have the mission to ensure that private bank services that normally would only be offered to platinum-level clients with fee income of $5 million and above are brought to these entrepreneurs," Wright added.
Credit Suisse has a 40-member Africa team, based in London, Zurich and Geneva
Should the Africa team grow its 5% market share and build a profitable and compliant business in South Africa, that may eventually justify an onshore presence, the publication further quoted Wright as saying.
According to a report published in June by Cap Gemini and Royal Bank of Canada, the number of Africans with at least US$1 million of investable assets climbed 9.9% to 140,000 in 2012.
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