Credit Suisse has struck a deal to acquire the wealth management businesses of Morgan Stanley in Europe, the Middle East and Africa (EMEA), it has emerged.
The major European bank announced this morning (27 March) that an agreement has been reached with its US counterpart over these divisions of its company - excluding its operations in Switzerland - which collectively hold assets worth over $13 billion.
These arms are primarily focused on serving high net worth (HNW) clients, as well as international Ultra High Net Worth (UHNW) customers across Europe and are based in the UK, Italy and Dubai.
According to Credit Suisse, this purchase will "add scale" to its core growth markets in the EMEA and forms part of its plan to expand its involvement in the HNW and UHNW fields.
Romeo Lacher, head of private banking for Western Europe at the lender, said acceleration of this strategy represents a "key priority" for the organisation.
By Asim Shah