The deal will see Credit Suisse gain more than $13bn of assets under management from the business units which are based in the UK, Italy and Dubai and which serve predominately international ultra high net worth and high net worth clients across Europe.
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.
“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."
Credit Suisse said the transaction will complement its existing businesses in the regions and add scale to its core markets in the EMEA including the UK, Italy, Nordics, Russia and the Middle East. In the UK, the company said the deal will “significantly” increase its client base, making it a top ten player in the wealth management market.
The acquired businesses will be integrated into Credit Suisse’s Private Banking & Wealth Management division.