Credit Suisse’s Massive Private Bank Grows Larger
Credit Suisse (NYSE:CS) announced on Wednesday that it has signed an agreement to acquire Morgan Stanley’s (NYSE:MS) wealth management businesses in Europe, Middle East, and Africa (“EMEA”), excluding Switzerland. All told, the businesses manage more than $13 billion in assets for high net worth clients across the region, with management nodes in the UK, Italy, and Dubai.
Shares of Credit Suisse edged fractionally lower in afternoon trading after the announcement, while Morgan Stanley edged fractionally higher. The deal is somewhat marginalized by its relatively small size. Credit Suisse run the world’s fifth-largest private banking operation with about $842 billion under management.
Details of the deal were not disclosed, but it is expected to resolve sometime this year.
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