UBS in, Credit Suisse out

Lion in South Africa

A Swiss roll ?

UBS, the world’s biggest wealth manager, is targeting millionaire clients in oil-rich Nigeria and Angola as Swiss rival Credit Suisse Group withdraws from some African markets.

'The amount of people on the continent that fall within our wealth-management bracket is increasing every day', Sean Bennett, the Johannesburg-based managing director of UBS in sub-Saharan Africa, said in a 20th November interview. 'There’s still tons of opportunities still relatively untapped'.

Bloomberg reports that UBS is vying with Swiss banks from Julius Baer to Pictet & Cie. for emerging market millionaires as a global crackdown on tax evasion forces European and American clients to withdraw funds. While Bennett sees potential to woo super-rich customers in Ghana, Kenya,Ethiopia, Uganda and Botswana, Credit Suisse is planning to withdraw from 83 markets, including Angola and the Democratic Republic of Congo, to cut costs.

UBS, which tops Scorpio’s 2012 ranking of wealth managers with double the $855m of assets of fifth-placed Credit Suisse, wants that business to contribute half of pre-tax profit by 2015.

To access the complete Bloomberg article hit the link below:

UBS Targets African Wealthy as Credit Suisse Takes Step Back

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image: © thetaxhaven

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