Credit Suisse acquires Morgan Stanley unit
London, March 27, 2013
Credit Suisse has signed an agreement to acquire Morgan Stanley’s wealth management businesses in Europe, Middle East and Africa (EMEA), excluding Switzerland.
The businesses with a total of over $13 billion of assets under management are based in Dubai, the UK and Italy, serving predominantly international Ultra High Net Worth (UHNW) and High Net Worth (HNW) clients.
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, a statement said.
The acquisition will add scale to the bank’s core growth markets in EMEA including the UK, Italy, Nordics, Russia and the Middle East, it said.
In the UK market, the acquisition will significantly increase Credit Suisse’s client base, making the bank a top 10 player and leading wealth manager.
The businesses acquired will be integrated into Credit Suisse’s Private Banking & Wealth Management division, the statement said. The acquisition will offer Morgan Stanley’s private banking clients, relationship managers and other employees an opportunity to benefit from a leading product platform and client offering, broad expertise and the highest quality standards of one of the world’s longest established private banks.
Romeo Lacher, head of private banking for Western Europe at Credit Suisse, said: “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. We look forward to welcoming Morgan Stanley’s clients and employees to Credit Suisse and working with them to deliver a strong portfolio of products, services and expertise across our private banking platform.” - TradeArabia News Service