ZURICH (Reuters) - Credit Suisse’s CSGN.VX wealth management business will pull out or partially withdraw from some 50 countries by the end of the year, a Swiss newspaper reported on Tuesday, as part of a drive to save 4.4 billion Swiss francs ($4.8 billion).
The move, affecting countries such as Angola, Turkmenistan and Belarus, is part of efforts to save 150 million Swiss francs in the wealth management unit, the Tages Anzeiger daily reported on Tuesday.
In other markets including Denmark and Israel, the bank will shut out less wealthy clients and focus on those with balances over 1 million francs, the paper said.
“It’s been known for months that we will pull out of certain small markets in our cross border business. This is a consequence of our strategic review which encompasses all legal, regulatory and operational aspects,” said Credit Suisse spokesman Marc Dosch.
The bank outlined plans to pull back from or close operations in a number of countries at its second quarter presentation in July. The spokesman declined to confirm which markets would be affected, or how many.
Reporting by Martin de Sa'Pinto