Morgan Stanley has become the third bank to sell a European private banking business since November, after offloading its Spanish operation to La Caixa.
Anglo Irish Bank and Swiss Life have sold private banking business in the last three months, with AIB selling its Swiss operation to St Galler Kantonalbank in December, while Swiss Life offloaded its business a month earlier to Banca del Gottardo for â¬1bn ($1.5bn).
