After a series of financial scandals, Credit Suisse bank is looking to wash away the negative image stamped on the international market and is selling its trust business, an offshore arm of the bank to wealthy clients.

The sale was announced as the Swiss bank defended itself against a more than $1 billion claim involving its Singaporean trust arm.

Credit Suisse said it would sell its Singapore trust business, among others, and liquidate legal entities and "residual businesses" in the coming years.

According to Reuters, Credit Suisse was already forecasting some transactions this year including restructuring of the company to reduce risk taking.

Ulrich Koerner, 59, a restructuring expert, succeeded Thomas Gottstein as CEO in August after two tumultuous years punctuated by huge losses, a rare court conviction for the bank in Switzerland, and a 40% loss in its shares.

Credit Suisse will sell the bulk of its trust business in Guernsey, Singapore and the Bahamas to Bank of N.T. Butterfield & Son Limited, while Gasser Partner Trust will take over the Liechtenstein business.

Some entities will remain with Credit Suisse for a small number of clients.