Credit Suisse looks for capital from Mideast, top banker to leave

Credit Suisse looks for capital from Mideast, top banker to leave

ZURICH - Credit Suisse Group AG has approached at least one Middle Eastern sovereign wealth fund for a capital injection, a source said, while some funds are looking at the scandal-hit Swiss bank's businesses as potential investment opportunities.

Abu Dhabi and Saudi Arabia were weighing up, through their sovereign wealth funds, whether to put money into Credit Suisse's investment bank and other businesses, Bloomberg reported. An investment would be to take advantage of low valuations, it said.

Credit Suisse's investment banking chief, Christian Meissner, will be leaving the bank once it has announced a strategic overhaul on Oct. 27, a source familiar with the situation said.

The size and other details of a potential capital injection could not be learned.

A spokesperson for Credit Suisse declined to comment, reiterating that it will update on its strategy review when it announces third-quarter earnings.

The largest Middle Eastern sovereign fund investor in Credit Suisse, the Qatar Investment Authority, declined to comment. Mubadala declined to comment. ADIA and PIF did not immediately respond to requests for comment.

Credit Suisse's U.S.-listed depository receipts closed 3.6% higher on Monday.

Credit Suisse, one of the largest banks in Europe, is trying to recover from a string of scandals, including losing more than $5