Credit Suisse looks to sell LatAm wealth business excluding Brazil. Credit: Leon Overweel on Unsplash.

Credit Suisse Group is looking to sell its wealth management business in Latin America (LatAm) excluding Brazil as part of its plan to overhaul operations, reported Bloomberg.

With the move, the Swiss wealth manager seeks to determine the types of businesses it will continue, withdraw or retain worldwide following an ongoing reorganisation.

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The bank, which currently has wealth management units in Mexico, Colombia and other countries, is holding discussions with possible buyers such as Spain’s Banco Santander and Italy’s Intesa Sanpaolo, added the new agency citing people familiar with the development.

However, Credit Suisse is yet to finalise a deal.

The bank’s current reorganisation represents the second of its kind being carried out in less than a year.

Its new CEO Ulrich Koerner and chairman Axel Lehmann are planning to boost confidence in the bank and turn it into a profit-making business after a series of setbacks.

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In June this year, the lender stated that its LatAm business, including Brazil, has a share of nearly $100bn of client assets and loans. In Brazil, the bank has sizable investment banking operations.

A Credit Suisse statement was quoted by Bloomberg as saying: “We have said we will update on progress on our comprehensive strategy review when we announce our third quarter earnings.

“It would be premature to comment on any potential outcomes before then.”

Representatives for Santander and Intesa refused to give any comment.

According to the report, the reforms at Credit Suisse could transform its wealth business but it could also see massive changes at the structure of the bank.

A recent Bloomberg report stated that the bank is holding negotiations to sell its entire securitised products group (SPG) unit, which is a trading business with $75bn in assets.

In a separate development, Credit Suisse has refuted a Reuters’ report that the bank is planning to shut down its US investment bank business.