Credit Suisse Said to Scrap $1 Billion Fund With Sberbank

Credit Suisse Group AG and OAO Sberbank canceled plans to create a $1 billion private-equity fund in Russia because of lack of interest from investors, two people familiar with the decision said.

Credit Suisse is also scaling back operations globally and Sberbank doesn’t have the expertise of its own, said the people, who asked not to be named because the decision is confidential. Monika Sasse, a spokeswoman for Credit Suisse, and Anastasia Vakhlamova, spokeswoman for Sberbank, declined comment.