Credit Suisse is going to close around 50 branches in different countries

03.10.2013

In the end of September official representative of the bank Mark Dosch has confirmed the intention of Credit Suisse is fully or partially closes their branches in 50 countries. The bank has developed the program of cost-saving measures, according to which the bank is planning to cut his expanses to 4,7 billion dollars. The adoption of such a decision was the result of a strategic evaluation of a number of factors, in particular, a number of jurisdictions reputational risks.

It is not known exactly which countries will affect this decision, however, mainly bank plans to close offices in Africa and Central Asia. It is assumed that the number of such countries will be Angola, Congo, Turkmenistan, Uzbekistan and Belarus. In these countries, the bank plans to completely shut down its operations, and in some, such as Denmark and Israel - the bank will focus on service accounts with a turnover of more than 1 million francs.

Based on: https://www.credit-suisse.com/global/en/

Expert’s opinion

In general, the reasons of leaving Credit Suisse from a number of jurisdictions are quite clear. It is the oldest Swiss bank, which has more than 150-year history. During its existence the bank has grown from a purely investment in the largest international bank. That is why the initial positioning of this financial institution was reduced to work with wealthy clients who have in the account for at least 2 million francs.

The bank currently has branches in more than 60 jurisdictions around the world, some of which are not profitable due to the geographical features of the region. That is why the bank wants to concentrate on his main job sector, reduce costs, and throw all the forces on the development of its activities in respectable countries.

Mikhno Alexandra ( Lawyer of Legal Services and Bank Consulting Department of Honest&Bright Company)