Credit Suisse moves towards carve out of investment banking arm

FRANKFURT (Reuters) - Credit Suisse said on Thursday that it was progressing to carve out CS First Boston by acquiring The Klein Group for $175 million to be paid in the form of a convertible note.

It said that it had appointed Michael Klein as chief executive officer of banking and of Americas as well as CEO designate of CS First Boston.

Credit Suisse said it would keep control over the structure of CS First Boston.

The Zurich-based bank has said it is seeking $500 million from investors for CSFB, which it is marketing to investors as a "super boutique" and sees revenue eventually more than doubling to as much as $3.5 billion, Reuters reported on Monday.

(Writing by John O'Donnell; editing by Edwina Gibbs)