Sources familiar with the matter were quoted by media sources as saying that the deal was still in its early stages and if finalized, is likely to allow the lender to concentrate on business with high-net worth clients.
As part of Credit Suisse CEO Brady Dougan’s cost cutting drive, Credit Suisse is planning to bring annual savings of nearly CHF750m ($796m) at its private banking and wealth management operations by the end of 2015.
In December 2012, the lender based in Zurich decreased its private bank branch offices network in Germany from 12 to nine, to help the operation survive in the country.
Most recently, the company acquired Morgan Stanley’s European and Middle Eastern wealth management unit, with $13bn in assets under management, to further boost its market position in the region.
Credit Suisse offers private banking, investment banking and asset management services to companies, institutional clients and high-net-worth private clients globally, as well as to retail clients in Switzerland.
Headquartered in Zurich and operating in over 50 countries, the group employs nearly 46,900 staff, globally.
