Pamela Barbaglia & Andres Gonzalez

LONDON, (Reuters) – Credit Suisse, Switzerland’s second-largest banking institution has employed a senior manager. Barclays (LON) Dealmaker will lead the investment banking division in Iberia. This is in an attempt to expand its reach in the area where deals volumes have surged in recent years.

Nacho Moreno was responsible for Barclays’ Iberia investment banking franchise. He will now be Credit Suisse’s new head of Investment Banking and Capital Markets for Spain, Portugal and Portugal. This is according to a memo Reuters saw and confirmed by a spokesperson.

Moreno will assume the role of co-head for the bank’s Africa coverage in Europe, Middle East and Africa.

Bounge, who will be continuing as the chief executive for Spain and Portugal as well as being global chairman of the bank’s real-estate group, will now take over as Head Executive.

Credit Suisse has approximately 500 employees in Spain. This is after the company relocated its staff from London, as it was part of its Brexit strategy that considered Madrid to be a “central place”.

This major restructuring of the Swiss lender was launched in 2013 to address a series of financial scandals which have impacted its finances. It has also prompted managerial resignations.

Artisan Partners, one of the largest investors in the bank, suggested Thursday that it should begin looking for a replacement for Thomas Gottstein as CEO. Meanwhile, rating agency S&P has downgraded the group’s credit rating to BBB citing the deteriorating economic and business environment.

Spain was one of Europe’s most active M&A regions in the first quarter of 2022, ranking fourth behind Britain and France but ahead of Germany, with deals worth $16.5 billion, according to Refinitiv data.

Credit Suisse was the 8th most active advisor to Spain in 2017, working on transactions worth $12.4 Billion, according Refinitiv league tables. Credit Suisse is currently recovering from its 35th spot in 2020.