Saudi Arabia’s crown prince Mohammed bin Salman is mulling options to invest nearly $500m in Credit Suisse Group’s new investment banking spinoff, CS First Boston, The Wall Street Journal has reported citing people privy to the development.

Prince Mohammed, who is chairman of the Kingdom’s sovereign-wealth fund Public Investment Fund (PIF), is yet make a final call on the type of vehicle to be used to invest in Credit Suisse, added the report.

Other investors who could invest in CS First Boston include Atlas Merchant Capital, a firm run by former CEO of Barclays Bob Diamond, the people told the publication.

The unit might secure a total of $1bn or more amount of investment from these investors.

Last week, Credit Suisse chairman Axel Lehmann said that it has received many other commitments from several entities for CS First Boston.

The Swiss bank is yet to receive a formal offer from any Saudi Arabian organisation, said some of the people with knowledge of the matter.

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The bank is spinning out its American investment bank under a new overhaul following a series of setbacks and scandals as well as regulatory inspection and heavy losses.

Previously, Credit Suisse roped in around 20 banks to raise nearly $4bn capital, with Saudi National Bank buying a 9.9% stake in the bank.

The latest development follows a Bloomberg report last month that stated that Credit Suisse’s investment bank could receive investments from Middle Eastern sovereign wealth funds.