Swiss banking major Credit Suisse will exit or partially withdraw from wealth management market of nearly 50 countries by the end of the year, Swiss daily Tages Anzeiger has reported.
The move is part of the bank’s previously announced strategy to save CHF4.4 billion (US$4.8 billion) by the end of 2015.
Go deeper with GlobalData
Access deeper industry intelligence
Experience unmatched clarity with a single platform that combines unique data, AI, and human expertise.
The move will affect countries such as Angola, Turkmenistan and Belarus and is expected to save CHF150 million in the wealth management unit.
The paper said that in markets such as Denmark and Israel, the bank will shut out less wealthy clients and focus on those with balances over CHF1 million.
Marc Dosch, Credit Suisse spokesman, said: "It’s been known for months that we will pull out of certain small markets in our cross border business."
But the spokesman has declined to confirm which markets would be affected, or how many.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataThe bank has outlined plans to close operations in a number of countries at its second quarter presentation in July.
Credit Suisse was subject to market rumours earlier in September that it was seeking to sell the troubled German arm of its wealth business.
The rumoured plan mirrors the new strategy announced by Barclays Wealth and Investment Management earlier this week.
This saw the UK bank’s withdrawal from over 130 markets around the world and a focus on the ultra high net worth market at the expense of individual coverage of the affluent wealthy.
