Swiss wealth manager UBS is planning to target wealthy people in oil-rich Nigeria and Angola as Credit Suisse Group has decided to retreat from few African markets to cut costs.
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"The amount of people on the continent that fall within our wealth-management bracket is increasing every day," Sean Bennett, the managing director of UBS in sub-Saharan Africa told Bloomberg News in an interview.
"There’s still tons of opportunities still relatively untapped," Bennett.
Apart from Nigeria and Angola, Bennett is also eyeing Ghana, Kenya, Ethiopia, Uganda and Botswana. This is in contrast with Credit Suisse’s strategy to pull out from 83 markets, including Angola and the Democratic Republic of Congo.
"The UBS strategy has been that you win market share by being onshore and for a long time," the Bloomberg News quoted Sebastian Dovey, managing partner at London-based research company Scorpio Partnership, as saying.
"Credit Suisse is a smaller operation than UBS and is looking to pick its markets," Dovey added.
