AfE 2024
Even before Silicon Valley Bank and First Republic Bank failed in spring 2023, Morgan Stanley was busy helping financial institutions clients tackle the fallout from higher interest rates.
This was reflected in its work on New York Community Bank’s $2.7 billion acquisition of the assets and liabilities of Signature Bank, which was announced on March 20 last year, and its advice to Truist on a $2 billion sale of a 20% stake in Truist Insurance Holdings to Stone Point, announced in February 2023. This preceded a $15.5 billion sale of the remaining 80% to Stone Point and CD&R in early 2024.
It was in large part thanks to preparatory work for UBS undertaken by Morgan Stanley that the rescue of Credit Suisse was largely sealed over a single weekend in late March. But this wasn’t the only busy weekend for the financial institutions team last year.