The decision raises concerns about whether the Swiss bank will continue to play a significant role in energy dealmaking at a time when other companies are bolstering their positions in the oil and gas financing sector.
According to Bloomberg, individuals aware of the situation stated that this field would be serviced from other locations such as New York.
Credit Suisse bankers have directed many high-profile transactions, including taking Parsely Energy public and then assisting the oil driller on its $7.6bn acquisition by Pioneer Natural Resources, managed by Scott Sheffield.
Diamondback Energy, an oil driller with headquarters in Midland, Texas, and one of the largest Fortune 500 companies, was also introduced to the market by Credit Suisse.
The Swiss bank was quite active during the shale revolution in the 2010s when many explorers, who were chasing production at any costs, had to refinance via equity offerings to stay afloat. The bank raised new equity by billions.
Since the announcement of the merger between Credit Suisse and UBS in March, several bankers have left the company.
UBS intended to eliminate more than half of Credit Suisse’s 45,000 employees starting in July, with the trading and investment banking division taking a severe blow.
TP24 has a goal to increase lending to small and medium-sized businesses in Australia, the Netherlands, and the UK.
Barclays has agreed to lend up to £200m in warehouse financing, and M&G is contributing up to £40m in mezzanine finance.
The UK and the Netherlands will use this £240m in funding for lending.
Barclays will provide as much as £105m in lending for Australia.