Credit Suisse Disposal Plans Gain Pace as Revamp Clock Ticks-yahoofinance

(Bloomberg) -- Credit Suisse Group AG is exploring a sale of its US asset-management operations and moving closer to securing financing for other businesses, as it nears a strategy revamp that’s likely to fundamentally reshape it. The Swiss bank has recently begun a sales process for the US operations of Credit Suisse Asset Management, or CSAM, according to people familiar with the matter. No final decision has been made and Credit Suisse could opt to hold onto the unit, the people said, asking for anonymity to discuss internal considerations. Abu Dhabi and Saudi Arabia, meanwhile, are separately weighing whether to put money into Credit Suisse’s investment bank and other businesses to take advantage of depressed values, other people said. Deliberations are at an early stage and it isn’t clear if they’ll lead to firm offers. With little more than a week remaining, Credit Suisse is racing to line-up financing for a restructuring that will likely see steep job cuts and a significant reshaping of the business. The investment bank is at the center of the plans and could even be broken up. While Credit Suisse made preparations to tap shareholders if needed, it would prefer to raise money through asset sales and by winning outside investors to fund businesses that it wants to spin out. Shares of the lender rose for a second day, gaining 1.9% at 11:23 a.m. in Zurich trading. They’ve lost about half of their value this year and recently hit a new low. “We have said we will update on progress on our comprehensive strategy review when we announce our third-quarter earnings,” Credit Suisse said in a statement. “It would be premature to comment on any potential outcomes before then.”