Credit Suisse to acquire Morgan Stanley’s European wealth management
Credit Suisse has announced the acquisition of Morgan Stanley’s wealth management arm in Europe, the Middle East and Africa to offset exposure to more volatile investment banking.
The assets under management are worth $13bn, and the price of the deal will be finalised later in the year, when the purchase will be completed.
Activities are based in the UK, Italy and Dubai and are mainly aimed at ultra-high net worth and high net worth clients across Europe.
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 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.