A total $13bn in assets will be transferred to Credit Suisse from Morgan Stanley’s businesses in the UK, Italy and Dubai. The acquired businesses will be integrated into Credit Suisse’s Private Banking & Wealth Management division.
The majority of customers are international ultra-high net worth and high net worth clients.
Romeo Lacher, head of private banking for western Europe at Credit Suisse, said: “Accelerating our growth momentum in our international markets and in our ultra-high net worth 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.”
