Credit Suisse spokesman Marc Dosch was quoted by Reuters as saying, "It’s been known for months that we will pull out of certain small markets in our cross border business.
"This is a consequence of our strategic review which encompasses all legal, regulatory and operational aspects."
The closure or partial withdrawal of the business is part of the Swiss lender strategy to save approximately CHF4.4bn ($4.8bn), reported the news agency citing Tages Anzeiger daily.
It is expected that the Swiss lender will scale down its operations in countries, including Angola, Turkmenistan and Belarus, which will enable in CHF150m ($164.6m) savings.
The bank will stop wealth management services to less wealthy clients in other markets including Denmark and Israel and concentrate on those with balances over CHF1m.
In June this year, media sources reported that the bank is considering to dispose of certain part of its wealth management business in Germany.
Credit Suisse CEO Brady Dougan has embarked on a cost cutting drive, whereby the bank is planning to bring annual savings of nearly CHF750m ($796m) at its private banking and wealth management operations by the end of 2015.
Operating in over 50 countries with nearly 46,900 staff, the Swiss lender delivers private banking, investment banking and asset management services to companies, institutional clients and high-net-worth private clients globally.
