Credit Suisse will acquire Morgan Stanley’s wealth management arm in Europe, the Middle East and Africa.

In an effort to offset its exposure to riskier investment banking and expand its private banking business, Credit Suisse will buy Morgan Stanley’s wealth management EMEA arm, constituting $13 billion in assets.

These are small fry to the $841.90 billion private banking operations of Credit Suisse, but it reflects a general shift in the focus of banks from investment to private banking. Details of the deal have not be disclosed, but will be completed later this year.

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