ZURICH – Credit Suisse said on Wednesday it will buy Morgan Stanley's wealth management arm in Europe, the Middle East and Africa for an undisclosed price.
"The acquisition will add scale to the bank's core growth markets in EMEA including the UK, Italy, Nordics, Russia and the Middle East," Credit Suisse said in a statement. The acquisition does not include any Swiss activities.
Details on the deal -- one of Credit Suisse's first notable deal moves since it bought out the remainder of Brazilian investment fund Hedging-Griffo in 2011 -- weren't disclosed, beyond that it is expected to close later this year.
(Reporting By Katharina Bart)