POST Online Media Lite Edition


Credit Suisse to buy Morgan Stanley's wealth businesses in EMEA

Staff writer |
Credit Suisse has signed an agreement to acquire Morgan Stanley's wealth management businesses in Europe, Middle East and Africa (EMEA), excluding Switzerland, worth more than $13 billion.

Article continues below

Assets under management are based in the United Kingdom, Italy and Dubai, serving predominantly international Ultra High Net Worth (UHNW) and High Net Worth (HNW) clients across Europe. The acquisition is structured as an asset purchase for the businesses involved and it is expected to close later this year.

The transaction complements Credit Suisse's leading wealth management business in Europe and reinforces the bank's focus on growing its UHNW and HNW client segments. The acquisition will add scale to the bank's core growth markets in EMEA including the UK, Italy, Nordics, Russia and the Middle East. In the UK market the acquisition will make the bank a top ten player and leading wealth manager.

The businesses acquired will be integrated into Credit Suisse's Private Banking & Wealth Management division.

"Accelerating our growth momentum in our international markets and in our UHNW client segment remains a key priority for Credit Suisse. Morgan Stanley has developed a strong foothold in wealth management over the past years and its high quality client base and experienced employees perfectly complement our ambitions to grow our share in these areas," said Romeo Lacher, head of Private Banking for Western Europe at Credit Suisse.

What to read next

TSSP buys distressed credit assets from Credit Suisse in $1.27bn deal
Morgan Stanley fund to buy stake in Thai diaper maker for $46.2 million
Credit Suisse to pay $5.3 billion to settle DOJ probe