Credit Suisse hires Barclays banker to take over Iberia’s investment bank

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LONDON, May 20 (Reuters) – Credit Suisse, Switzerland’s second largest bank (CSGN.S) hired a senior Barclays (BARC.L) dealmaker to lead its investment banking business in the Iberian Peninsula in a bid to bolster its presence in the region where deal volumes surged last year.

Nacho Moreno, who was in charge of Barclays’ investment banking franchise in the Iberian Peninsula, will become Credit Suisse’s new head of investment banking and capital markets for Spain and Portugal, replacing of Wenceslao Bounge, according to a memo seen by Reuters and confirmed by a spokesperson.

Moreno will take up his new role at the end of the summer and will report to Jens Haas and Giuseppe Monarchi who co-lead the bank’s coverage in Europe, the Middle East and Africa.

Bounge will instead continue as managing director for Spain and Portugal while leading the bank’s real estate group as global chairman.

Credit Suisse employs nearly 500 people in Spain after moving staff from London as part of its Brexit strategy which had Madrid as a “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 the ousting of management.

On Thursday, one of its biggest investors, Artisan Partners, said the bank 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. Read more

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.

Last year, Credit Suisse ranked as the eighth most active adviser in Spain, working on deals worth $12.4 billion, according to Refinitiv’s league tables, and recovering from its 35th position in 2020.

Reporting by Andres Gonzalez and Pamela Barbaglia, editing by Kirsten Donovan


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