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African investment bank and asset manager Investec [JSE:INL] is considering
selling off its Swiss wealth management unit, a company spokesperson said on
Tuesday.
Investec spokesperson Ursula Nobrega said the bank was
looking at selling its Swiss operations except its trust business, confirming
media reports last week.
"We are looking at possibly selling the rest of our banking
operations in Switzerland," she said.
She declined to give further details, saying the process had
just started, but that the sale was in line with the bank's reorganisation of
its wealth management business.
Investec, which is also listed in London, posted a surprise 5% decline in full-year profit last month, hit by a hefty loss at its private banking business and a surge in European bad debts.
