Credit Suisse has bought Morgan Stanley’s wealth management businesses in Europe, the Middle East and Africa (EMEA), excluding Switzerland. The price of the purchase hasn’t been disclosed.

The businesses to be acquired by Credit Suisse is worth over $13bn of assets under management and are based in the UK, Italy and Dubai, serving predominantly high net worth clients across Europe.

Morgan Stanley’s unit will be integrated into Credit Suisse’s private banking & wealth management division with the Swiss bank’s AUM growing to about $850bn.

Credit Suisse had yet to respond to a request for comment from PBI about any job losses as a result of the acquisition.

Boost to UK business

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, the bank said.

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Romeo Lacher, head of private banking for Western Europe at Credit Suisse, said: "Accelerating our growth momentum in our international markets and in our UHNW client segment remains a key priority for Credit Suisse."

Lacher added: "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."

Morgan Stanley will continue to run its international wealth management operations in Switzerland, Asia, Australia and Latin America.

Colm Kelleher, president of institutional securities businesses at Morgan Stanley, said: "The restructuring is a culmination of a thorough strategic review of our EMEA PWM business."

He added: "Our Swiss Bank is an integral part of our international wealth management offering, and by aligning the bank with our leading institutional franchise, we see considerable opportunities to better meet client needs and grow our international business."

The acquisition is expected to close later this year.