Switzerland's news in English

Editions:  Europe · Austria · Denmark · France · Germany · Italy · Norway · Spain · Sweden · Switzerland

Credit Suisse snaps up Morgan Stanley arm

Share this article

Credit Suisse snaps up Morgan Stanley arm
Credit Suisse Paradeplatz, Zurich. Photo: Credit Suisse group
11:18 CET+01:00
Credit Suisse is buying US bank Morgan Stanley's wealth management businesses in Europe, the Middle East and Africa, excluding Switzerland.
The assets under management are worth $13 billion dollars Switzerland's second largest bank said in a statement issued on Wednesday.
The price of the deal, set to be finalised later this year, was not disclosed.
The businesses, based in the UK, Italy and Dubai, primarily serve ultra-high net worth and high net worth clients across Europe, the bank said.
The acquired businesses will be integrated into Credit Suisse's private banking and wealth management division.

The Swiss bank said the transaction would complement its wealth management business in Europe, notably in the UK market where the acquisition will put the bank among the top 10 wealth managers.
"Accelerating our growth momentum in our international markets and in our UHNW (ultra-high net worth) client segment remains a key priority for Credit Suisse," said Romeo Lacher, Credit Suisse's head of private banking for western Europe.
Get notified about breaking news on The Local

Share this article

The Local is not responsible for content posted by users.
Become a Member or sign-in to leave a comment.

From our sponsors

VIDEO: Three surprising facts that will make you want to visit Malta

Game of Thrones has ended but it lives on in Malta! Find out how and learn two more unexpected facts about this little archipelago in the middle of the Med.