Credit Suisse acquires MK&C as part of CS First Boston carveout
13 February 2023 US
Image: Worawut
Credit Suisse Group has successfully acquired M. Klein & Company’s (MK&C’s) investment banking business The Klein Group, making further progress with the carveout of Credit Suisse First Boston (CS First Boston) announced in October 2022.
Michael Klein has been named CEO of banking, CEO of the Americas, designated CEO of CS First Boston and a member of the executive board. He will report to Ulrich Körner, group CEO.
Klein has more than 35 years of experience in the financial industry, and was a member of the Credit Suisse board of directors between 2018 and 2022. He also served as CEO of Citigroup’s institutional businesses, overseeing a range of divisions.
The carveout is intended to create a capital markets and advisory-led business independent of Credit Suisse, with CS First Boston offering a differentiated proposition and partnership model to existing firms, it says.
Investment banking boutique and broker-dealer MK&C will help to develop the management and advisory services that CS First Boston offers. Since its inception in 2010, the company has advised on transactions valued at more than US $1.5 trillion.
Körner comments: “The creation of an independent CS First Boston is an important step in the wider transformation of Credit Suisse. This [acquisition] will provide meaningful additional opportunities for the group and an attractive value proposition for all our stakeholders. We see this move as a strategic way to create shareholder value.
“I am looking forward to welcoming Michael Klein. He is an exceptional banker and dealmaker with proven and recognised entrepreneurial success, and I am confident that CS First Boston will thrive under his leadership.”
Axel Lehmann, chairman of the board of directors at Credit Suisse, adds: “Michael’s experience and leadership will further strengthen our Executive Board and will help create shareholder value through this key strategic step of creating CS First Boston as an independent global capital markets and competitive advisory-led business.”
Michael Klein has been named CEO of banking, CEO of the Americas, designated CEO of CS First Boston and a member of the executive board. He will report to Ulrich Körner, group CEO.
Klein has more than 35 years of experience in the financial industry, and was a member of the Credit Suisse board of directors between 2018 and 2022. He also served as CEO of Citigroup’s institutional businesses, overseeing a range of divisions.
The carveout is intended to create a capital markets and advisory-led business independent of Credit Suisse, with CS First Boston offering a differentiated proposition and partnership model to existing firms, it says.
Investment banking boutique and broker-dealer MK&C will help to develop the management and advisory services that CS First Boston offers. Since its inception in 2010, the company has advised on transactions valued at more than US $1.5 trillion.
Körner comments: “The creation of an independent CS First Boston is an important step in the wider transformation of Credit Suisse. This [acquisition] will provide meaningful additional opportunities for the group and an attractive value proposition for all our stakeholders. We see this move as a strategic way to create shareholder value.
“I am looking forward to welcoming Michael Klein. He is an exceptional banker and dealmaker with proven and recognised entrepreneurial success, and I am confident that CS First Boston will thrive under his leadership.”
Axel Lehmann, chairman of the board of directors at Credit Suisse, adds: “Michael’s experience and leadership will further strengthen our Executive Board and will help create shareholder value through this key strategic step of creating CS First Boston as an independent global capital markets and competitive advisory-led business.”
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