Credit Suisse, which is ceasing to serve clients in nine African countries, has agreed to pass them to Barclays, a bank with historic links to the continent.
"Credit Suisse has signed a private banking client referral agreement with Barclays as part of the plan to exit nine non-core wealth management markets primarily in Sub-Saharan Africa, excluding South Africa – as announced in November 2021 as part of the bank's Group Strategy Review," Credit Suisse told this news service in a statement.
Barclays has had a long-standing presence in the Africa market.
A report by Bloomberg said the affected assets stand at about $2.5 billion.
The affected countries are Botswana, Ghana, the Ivory Coast, Kenya, Mauritius, Nigeria, the Seychelles, Tanzania and Zambia.
Credit Suisse is due to issue fourth-quarter and full-year 2021 financial results this coming Thursday.