© Reuters. FILE PHOTO: The logo of Swiss bank Credit Suisse is seen at a branch in Bern, Switzerland May 2, 2022. REUTERS/Arnd Wiegmann
By Andres Gonzalez and Pamela Barbaglia
LONDON (Reuters) – Credit Suisse has hired a senior Barclays (LON:) dealmaker to lead its investment banking business in Spain and Portugal, aiming to bolster 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 the new role at the end of the summer, replacing Wences Bunge (NYSE:) who will continue as managing director of Credit Suisse 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 (NYSE:), 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 (NYSE) purchase of Spanish solar energy developer Solarpack, sale of Portuguese plastic packaging maker Logoplaste at the Ontario Teachers Pension Plan Board and the Madrid-list 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.