Credit Suisse Reportedly Closing Houston Office Amid Restructure

Editorial Staff 4 August 2023

Credit Suisse Reportedly Closing Houston Office Amid Restructure

Credit Suisse had been busy in the M&A field in Texas, advising on deals in the shale, aka "fracking," development. The sector has minted a number of high net worth individuals over the years.

Credit Suisse is shutting its office in Houston, Texas, as the UBS takeover continues, a media report has said. 

The Bloomberg story this week, citing unnamed sources, prompts questions on whether the Swiss bank will maintain an active role in energy dealmaking at a time when other firms are bulking up for the oil and gas banking business.

UBS is also closing its Houston investment banking office, which mostly covers clean-energy technologies including hydrogen, the news service said. The sector will be covered from other locations such as New York.

The report noted that Credit Suisse bankers had shepherded several high-profile transactions, including taking Parsely Energy public and years later advising the oil driller in its acquisition by Pioneer Natural Resources, led by shale titan Scott Sheffield, for roughly $7.6 billion.

Credit Suisse was, the report noted, busy during the shale revolution of the 2010s when many explorers, who were chasing production at all costs, recapitalized with equity offerings to avoid going broke.

The report said Credit Suisse and UBS declined to comment. UBS declined to comment to Family Wealth Report on the matter.

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