Credit Suisse is deploying investment bankers to woo African entrepreneurs as the bank tries to build its wealth-management business on the continent.
Bloomberg reports that those bankers offer services from capital raising to trade finance and mergers and acquisitions advice, John Wright, a managing director and market leader for Africa at Credit Suisse, said in an interview in Cape Town.
'We have a dedicated group of investment bankers embedded within private banking', said Wright. 'They have the mission to ensure that private bank services that normally would only be offered to platinum-level clients with fee income of $5m and above are brought to these entrepreneurs'.
Credit Suisse is vying with UBS and other Swiss banks for the emerging-market millionaires as a global crackdown on tax evasion forces European and American clients to withdraw funds. While Credit Suisse is withdrawing from Angola, the Democratic Republic of Congo and smaller African markets to cut costs, South Africa and a number of other nations match the bank’s criteria for scale and risk, said Wright.
To access the complete Bloomberg article hit the link below: