By Andres Gonzalez and Pamela Barbaglia
LONDON – Credit Suisse has hired a Barclays executive to run its investment banking business in Spain and Portugal, in a bid to bolster its presence in a region where activity surged last year.
Nacho Moreno, who was in charge of the investment banking franchise in Iberia at Barclays, will become Credit Suisse’s head of investment banking and capital markets for the region, according to a note seen by Reuters. which was confirmed by a spokesman for Switzerland’s second largest bank.
Moreno will assume the new position at the end of the summer, replacing Wence Bunge, who will continue as CEO of Credit Suisse for Spain and Portugal, while leading the Swiss bank’s real estate group as global president.
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 Iberia’s head of mergers and acquisitions, Rafael Abati, as well as with Israel Fernández del Sol, who joined Credit Suisse last year as co-head of its group of financial institutions in EMEA.
Madrid has become a hub for renewable energy operations in Europe, and Credit Suisse has given Abati a broader role as head of energy and infrastructure M&A across the region. EMEA.
Credit Suisse employs around 500 people in Spain after relocating staff from London as part of a Brexit strategy that has the Spanish capital as a “central location”, according to the note.
The Swiss bank is undergoing a major reorganization that began last year to end a series of scandals that hit its finances and prompted a management shake-up.
On Thursday, one of its biggest investors, Artisan Partners, said Credit Suisse should start looking for a new CEO to replace Thomas Gottstein. Meanwhile, the S&P rating agency has downgraded the group’s credit rating to BBBbased on the deteriorating economic and business environment.
Spain was one of the most active European regions in terms of mergers and acquisitions in the first quarter of 2022, ranking fourth behind the United Kingdom and France, but ahead of Germany, with operations worth 16.5 billion dollars, according to Refinitiv data.
Credit Suisse has advised on a number of high-profile equity deals and sales in the region, including the purchase by TEQ of Spanish solar power 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.
In 2021 it was the 8th most active advisor in Spain, working on deals worth a total of $12.4bn, according to Refinitiv’s league tables, and regaining the 35th position it held in 2020.