In November 2021, Amol Prabhu and Rahim Daya, senior bankers at Barclays, got wind of the fact that Credit Suisse was keen to offload a sizeable chunk of its Africa private banking business.
The Swiss lender, now owned by UBS, was once again draining the bitter cup, having slogged its way through a year that saw it clobbered by the Archegos and Greensill scandals, and that culminated with it swallowing a SFr1.57 billion ($1.75 billion) full-year loss.
Prabhu, the UK lender’s South Africa country chief and Africa market head, and Daya, CEO of its Swiss private bank and head of Middle East operations, jumped into action.
Credit Suisse had just unveiled a strategic refresh that involved divesting its hedge fund business and shifting more resources to wealth management.
Access this research
Enter your work email address to sign in or check whether your organisation already has access to Euromoney.
