Credit Suisse has reached an agreement with Morgan Stanley to buy the latter's wealth management unit in Africa, Europe and the Middle East with $13 billion in assets.
The buyout plan reflects Credit Suisse's intention to enter into the more volatile investment banking.
Credit Suisse, whose private banking operation ranks as the fifth largest in the world, has been suffering from consistent asset fluctuation under management due to foreign currency changes and market movements, having asset management worth 789.5 billion Swiss Francs on behalf of rich clients.
The takeover deal also implies the effort Credit Suisse to boost its private banking operation which it says has stronger revenue potential than investment banking.
The deal with Morgan Stanley is one of Credit Suisse's first notable buyouts since it purchased the remaining stake of Brazil's Hedging-Griffo in 2011.
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