Credit Suisse Group has entered into definitive transaction agreements to sell a large part of its securitised-products group and other financing businesses to Apollo as it seeks to de-risk its investment bank and divert capital to its core businesses.

The Swiss lender said on 15 November that the deal with Apollo and the sale of other assets to third-party investors would slash the value of assets under its securitised-products group to roughly $20bn from $75bn through several transactions that Credit Suisse expects to be close by mid-2023.