ZURICH, SWITZERLAND – Credit Suisse has agreed to buy Morgan Stanley’s non-Swiss wealth business in the Europe, Africa and Middle East, for an undisclosed sum.
The business, with more than $13 billion in assets under management “are based in the UK, Italy and Dubai, serving predominantly international ultra high net worth (UHNW) and high net worth (HNW) clients across Europe,” Switzerland’s second largest bank said Wednesday 26 March in a statement.
“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 significantly increase Credit Suisse’s client base, making the bank a top ten player and leading wealth manager.”
The new business will be integrated into the bank’s private banking and wealth management division, which covers four geographic regions, Switzerland, EMEA, the Americas and Asia.
The bank said in November 2012 that it expected to save CHF50 million by combining two groups within that division, private clients Switzerland and private banking Switzerland as part of larger restructuring measures that will cut costs by CHF4 billion by 2015.