By Paritosh Bansal
NEW YORK (Reuters) - Credit Suisse (SIX:CSGN) Group AG has approached at least one Middle Eastern sovereign wealth fund for a capital injection, according to a source familiar with the situation, as the Swiss bank looks at ways to restructure its operations.
The size and other details of a potential injection could not be learned. Analysts have said the company might need as much as 9 billion Swiss francs ($9 billion), some of which may have to come from investors.
Credit Suisse's approach indicates that the sale of assets alone may be insufficient to cover the costs of an imminent overhaul.
A spokesperson for Credit Suisse declined to comment, reiterating that it will update on its strategy review when it announces third-quarter earnings.
Bloomberg reported separately that Abu Dhabi and Saudi Arabia were weighing, through their sovereign wealth funds, whether to put money into Credit Suisse's investment bank and other businesses.
An investment would be to take advantage of low valuations, it said. Those funds did not immediately respond to a request for comment.
Qatar's sovereign wealth fund, the Qatar Investment Authority, is also one of the largest investors in Credit Suisse. QIA declined to comment.
The bank is due to announce its revamp plan on Oct. 27.