ZURICH: Swiss banking giant Credit Suisse on Wednesday announced it will buy US bank Morgan Stanley’s wealth management businesses in Europe, the Middle East and Africa, excluding Switzerland.
The assets under management are worth $13 billion dollars (10.6 billion euros), Credit Suisse said in a statement.
The price of the deal, set to be finalised later this year, was not disclosed.
The businesses, based in the UK, Italy and Dubai, primarily serve ultra-high net worth and high net worth clients across Europe, the bank said.
The acquired businesses will be integrated into Credit Suisse’s private banking and wealth management division.
The Swiss bank said the transaction would complement its wealth management business in Europe, notably in the UK market where the acquisition will put the bank among the top 10 wealth managers.
“Accelerating our growth momentum in our international markets and in our UHNW (ultra-high net worth) client segment remains a key priority for Credit Suisse,” said Romeo Lacher, Credit Suisse’s head of private banking for western Europe.
Dear TNT Reader,
At The News Tribe, our mission is to bring you free, independent, and unbiased news and content that keeps you informed and empowered. We are committed to upholding the highest standards of journalism, as we understand that we are a platform for truth.
Apart from independent global news coverage, we also commit our unique focus on the Muslim world. In an age marked by the troubling rise of Islamophobia and widespread misrepresentation of Muslims in Western media, we strive to provide accurate and fair coverage.
But to continue doing so, we need your support. Even a small donation of 1$ can make a big difference. Your contribution will help us maintain the quality of our news and counteract the negative narratives that are so prevalent.
Please consider donating today to ensure we can keep delivering the news that matters. Together, we can make a positive impact on the world, and work towards a more inclusive, informed global society.
Donate Monthly Subscription Annual Subscription