(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.” 

A sale of the US asset management operations, which include a platform for investing in collateralized loan obligations, could draw interest from private equity firms or other asset managers, the people familiar with the process said. The bank has said that the Americas account for 146 billion Swiss francs ($147 billion) of its assets under management.

The unit is one of two large businesses that the bank is looking to sell. Credit Suisse is also in the process of finding investors for or divesting its securitized products group, which has drawn interest from parties including Mizuho Financial Group Inc. and Apollo Global Management Inc., Bloomberg News has reported.

The bank is also seeking to bring in an outside investor to inject money into a potential spinoff of its advisory and investment banking businesses. A separation of the dealmaking and underwriting unit would effectively break the troubled investment banking division into three pieces.

Abu Dhabi and Saudi Arabia are exploring investments through sovereign wealth funds such as Abu Dhabi’s Mubadala Investment Co. and Saudi Arabia’s Public Investment Fund, people familiar with the matter said. A deal could also come through other vehicles in which each country owns significant stakes, the people said. But the potential investors are wary about the risk of future losses or legal issues, they said.

Abu Dhabi’s media office and the PIF in Saudi Arabia didn’t immediately have representatives available to comment. Mubadala declined to comment. 

Credit Suisse has long counted on wealthy Middle Eastern investors as top shareholders, including the Qatar Investment Authority and Saudi Arabia’s Olayan Group. They’ve often invested in times of need, including the QIA’s participation in Credit Suisse’s approximately $2 billion convertible notes issuance in April 2021. That helped shore up the balance sheet after Archegos.

Separately, Credit Suisse has gauged the QIA’s interest in investing via a capital injection or stake purchase in one of the units, according to people familiar with the matter. A representative for QIA declined to comment.

As part of the planned changes, investment bank head Christian Meissner is set to depart the lender, Bloomberg reported. The banker, who has been focusing on the overhaul of the business, is looking at options including starting his own advisory firm or joining another institution next year. 

An Austrian citizen, he was initially hired by Credit Suisse in October 2020 to co-run a newly created group connecting clients of the wealth management unit with investment-banking services. He became Credit Suisse’s investment-bank chief in 2021 in the wake of the $5 billion hit from the collapse of Archegos Capital Management.

(Updates shares in fifth paragraph.)

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