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The talks with Apollo are continuing and could still fall apart, the report said, without mentioning the size of the potential stake or the potential deal value.
Credit Suisse declined to comment on the report and Apollo did not immediately respond to a request for comment.
The Swiss lender created CS First Boston last year.
The entity advises on mergers and acquisitions, raises capital for clients through equity and debt markets, and provides leveraged finance as part of its core offerings.
