Credit Suisse hires Barclays Banker to lead Iberia Investment Banking | Investment News

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By Andres Gonzalez and Pamela Barbaglia

LONDON (Reuters) – Credit Suisse has hired a senior dealmaker from Barclays to lead its investment banking business in Spain and Portugal, aiming to boost its presence in a region where activity surged last year .

Nacho Moreno, who was in charge of the Iberian Peninsula investment banking franchise at Barclays, will become Credit Suisse’s head of investment banking and capital markets for the region, according to a memo seen by Reuters. which was confirmed by a spokesperson for the second-largest bank.

Moreno will assume this new role at the end of the summer, replacing Wences Bunge who will continue as Credit Suisse’s managing director for Spain and Portugal while leading the Swiss bank’s real estate group as global chairman.

Moreno will report to Jens Haas and Giuseppe Monarchi who co-lead the bank’s coverage in Europe, the Middle East and Africa. He will work closely with Rafael Abati, head of mergers and acquisitions at Iberia, as well as Israel Fernandez del Sol, who joined Credit Suisse last year as co-head of its EMEA financial institutions group. .

Madrid has become a hub for renewable energy deals in Europe, with Credit Suisse deploying Abati in a broader role as head of M&A for energy and infrastructure in EMEA.

Credit Suisse employs nearly 500 people in Spain after moving staff from London as part of a Brexit strategy that has the Spanish capital as its “central location”, the memo said.

The Swiss lender is in the midst of a major reorganization launched last year to draw a line under a series of scandals that have hit its finances and prompted a management reshuffle.

On Thursday, one of its biggest investors, Artisan Partners, said Credit Suisse should start looking for a new CEO to replace Thomas Gottstein. Meanwhile, ratings agency S&P downgraded the group’s credit rating to BBB, citing the deteriorating economic and business environment.

Spain was one of the most active regions in Europe in terms of mergers and acquisitions in the first quarter of 2022, ranking fourth behind Great Britain and France but ahead of Germany, with transactions of worth $16.5 billion, according to Refinitiv data.

Credit Suisse advised on a series of high-profile deals and equity sales in the region, including EQT’s purchase of Spanish solar energy developer Solarpack, the sale of Portuguese plastic packaging maker Logoplaste to the Ontario Teachers Pension Plan Board and the Madrid listing of Acciona Energia last year.

He ranked as the eighth most active adviser in Spain in 2021, working on deals worth $12.4 billion in aggregate, according to Refinitiv league tables, and recovering from 35th position in 2020.

(Reporting by Andres Gonzalez and Pamela Barbaglia; Editing by Kirsten Donovan and Alexander Smith)

Copyright 2022 Thomson Reuters.

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