(Bloomberg) — Saudi Arabia’s Crown Prince Mohammed bin Salman is preparing to invest in Credit Suisse Group AG’s investment bank, the Wall Street Journal reported.
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Prince Mohammed may invest about $500 million in the spin-off of lender CS First Boston, the newspaper said, citing people familiar with the matter. Other investors could include former Barclays Plc CEO Bob Diamond’s Atlas Merchant Capital, according to the report.
Credit Suisse Chairman Axel Lehmann said last week that the bank had received several additional commitments from investors for the planned spin-off of the first investment bank in Boston.
Prince Mohammed is encouraging Saudi Arabia’s biggest companies to expand globally, raise the country’s profile as a serious investor and diversify its economy. The kingdom already backs Credit Suisse, with the Saudi National Bank taking a 9.9% stake in the troubled Swiss lender.
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