Credit Suisse has decided to close its private banking operations in Panama. A spokesperson from the Credit Suisse said the bank will close the advisory office with around 20 employees. The spokesperson said the closure had been planned for a long time and had nothing to do with the Panama Papers scandal. The closure of the bank’s Panama operation was rather streamlining of activities in Latin America, which represents an important growth region for private banking and asset management, the person said. The bank is looking to strengthen its presence in other Latin American countries such as Brazil and Mexico.
