The bank confirmed it is poised to transfer its securitized products group—a large business within the investment bank—to a consortium made up of

Apollo Global Management

and Pacific Investment Management Co. The Wall Street Journal reported that sale was nearing on Wednesday.

Credit Suisse said the moves are aimed at channeling more of its assets and other resources into managing money for the world’s rich, which will continue to be its main business. It said its cost base should fall by around $2.5 billion from current levels to around $14.7 billion by 2025.

Around $1.5 billion of the new shares will be bought by Saudi National Bank, Credit Suisse said, giving SNB up to a 9.9% shareholding. A rights issue for existing shareholders will run through November.

Credit Suisse estimated the cost of the restructuring at around $2.9 billion over the next two years.

The Swiss bank is reinventing itself after a client collapse in 2021 cost it more than $5 billion and reputational scandals pushed up its legal bills. Revenue dried up in some key financing and trading businesses this year and, in July, a new chairman and executive team said drastic change was needed.

Decades ago, it bought storied financial firms First Boston and Donaldson, Lufkin & Jenrette in an expansion spree outside of Switzerland. Parts of those businesses thrived, but investors more recently assigned zero value to the investment bank because of its volatile earnings and ongoing legal charges.

The strategy changes came alongside Credit Suisse’s fourth consecutive quarterly loss. It posted a $4 billion net loss for the third quarter, largely because it had to impair the value of deferred tax assets to reflect the strategic plans.

Write to Margot Patrick at margot.patrick@wsj.com