Credit Suisse Group is looking to sell its asset management business in the US, Bloomberg has reported citing people privy to the matter.

The move comes amid plans to be carried out by the beleaguered Swiss bank to overhaul its operations after a set of scandals.

The Swiss bank has commenced an auction for the sale of the unit that comprises an entity for making investments in collateralised loans.

Potential bidders could include private equity platforms, added the publication.

They may issue preliminary expressions of interest at the end of this week, according to a Reuters report that quoted an unnamed source.

However, Credit Suisse is yet to finalise a deal and may not proceed with the sale in the end, told the source.

The bank refused to give any updates on the same.

The latest development comes shortly after a Financial Times report that said Credit Suisse is weighing option to sell parts of its Swiss domestic bank to bridge capital gap.

The bank’s asset management unit managed approximately $447bn and employed around 1,200 people across the globe until 30 June this year.

Meanwhile, Credit Suisse has named Jasmin Argyrou as head of discretionary portfolio management (DPM) for its Australian wealth management arm.

Post appointment, Argyrou will continue to serve in her existing position as head of fixed income and economics. 

Part of the company’s Australian wealth business, the DPM team has A$9bn ($5.7bn) of fund under management.