Zurich, Switzerland: Credit Suisse has struck a deal to sell a large part of its securitised products to US investment firm Apollo Global Management, the Swiss bank under overhaul said Tuesday.

The handover, to be finalised during the first half of 2023, is part of measures to restructure the beleaguered lender's investment banking branch following a series of scandals.

"The execution of these agreements represents an important step towards a managed exit from the securitised products business, which is expected to significantly de-risk the investment bank and release capital to invest in Credit Suisse's core businesses," the bank said.

The transaction, along with expected sale of other assets to third-party investors, was expected to decrease its securitised products assets from $75 billion to approximately $20 billion, the bank said.

The remaining assets, to generate income to support the exit from the securitised products business, would be managed by Apollo under an investment management relationship of five years.

Apollo was expected to hire the majority of the bank's securitised products team, Credit Suisse said.

Switzerland's second-biggest lender last month revealed it was going for a "radical restructuring" of its investment bank, as part of radical measures aimed at turning around the bank following huge third quarter losses.

The bank's revamp came as Credit Suisse unveiled a third quarter net loss of 4.034 billion Swiss francs ($4.07 billion).

© Agence France-Presse