Arab Today, arab today credit suisse to buy morgan stanley\s wealth arm
Last Updated : GMT 08:53:10
Arab Today, arab today
Arab Today, arab today

Credit Suisse to buy Morgan Stanley\'s wealth arm

Arab Today, arab today

Arab Today, arab today Credit Suisse to buy Morgan Stanley\'s wealth arm

Zurich - AFP

The Swiss banking giant Credit Suisse on Wednesday announced that 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, but the price of the deal, set to be finalised later this year, was not disclosed. The businesses, based in Britain, Italy and Dubai, primarily serve ultra-high net worth and high net worth clients across Europe, the bank said. The acquired businesses are to be folded 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 British 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. Rainer Skierka of Swiss bank Sarasin said in a research note that the announcement was a "surprise". "In general, we welcome CS' step to further strengthen its wealth management business, which represents the highest value for its shareholders in the firm's business mix," he said. "However, for a detailed opinion, we would need more financial and transactional details, which at this stage have not yet been communicated," he added. Last year, Swiss private bank Julius Baer took over the international wealth management arm of US player Merrill Lynch, and analysts said the Credit Suisse announcement underlined a trend in the sector. "In our view the sale by Morgan Stanley of its EMEA wealth management business as well as the recent sale of Merrill Lynch of its wealth management business outside the US indicates that the wealth management players worldwide are refocusing their business geographically to focus on their core business or add scale," said Teresa Nielsen of Swiss bank Vontobel. "We believe the acquisition is positive for Credit Suisse," she added. Shares in the group fell however by 1.22 percent to 25.02 Swiss francs in afternoon trading on the Zurich stock exchange, while the SMI index on which they are listed was down by 0.79 percent overall.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today credit suisse to buy morgan stanley\s wealth arm Arab Today, arab today credit suisse to buy morgan stanley\s wealth arm

 



Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today credit suisse to buy morgan stanley\s wealth arm Arab Today, arab today credit suisse to buy morgan stanley\s wealth arm

 



Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today Zainab Fadel Oglu designs “Shakerin” mosque

GMT 12:13 2017 Thursday ,11 May

Zainab Fadel Oglu designs “Shakerin” mosque
View News in Arabic - Business: مصارف
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Mozambique's gas boom dream under threat

GMT 16:29 2017 Monday ,08 May

Mozambique's gas boom dream under threat
Arab Today, arab today Prepares to give stargazers an eyeful

GMT 13:38 2017 Monday ,06 March

Prepares to give stargazers an eyeful
Arab Today, arab today Jaguar displays XF Sportbrake line

GMT 14:36 2017 Monday ,08 May

Jaguar displays XF Sportbrake line
Arab Today, arab today BMW sees forecasts in reach

GMT 09:04 2017 Thursday ,04 May

BMW sees forecasts in reach
Arab Today, arab today Climate science: Bad news gets worse

GMT 08:48 2017 Saturday ,06 May

Climate science: Bad news gets worse
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday