By Cristina Roca

Credit Suisse Group AG said Monday that it has struck an agreement to refer its prime brokerage clients to France's BNP Paribas SA.

The Swiss lender's prime services and derivatives clearing customers will have to choose different providers after Credit Suisse laid out plans last week to exit most of its prime brokerage activities and dial down risk.

The agreement with BNP Paribas will ensure a streamlined process for customers who choose to take their business there, Credit Suisse said.

BNP Paribas confirmed the agreement separately. Financial details weren't disclosed.

Write to Cristina Roca at cristina.roca@wsj.com

(END) Dow Jones Newswires

November 08, 2021 05:07 ET (10:07 GMT)

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