The fund will look to trim stakes in companies identified as non-strategic to 15-25% and reduce its physical presence in locations such as London, Mumbai and Silicon Valley.
Malaysia’s Axiata, which holds a 28.3 percent stake in M1, said in September the offer should reflect the accurate future value of M1.
This comes after the government last year approved tax incentives for bank mergers to help them better compete with their larger regional rivals.
The proposed investment is three times a previously expected $500-million capital injection.
Noble, once Asia’s biggest commodity trader, has warned that if the restructuring fails, it would begin insolvency proceedings, likely in Britain.
For AirAsia, the deal marks another move to monetize its assets as Asia’s biggest budget airline seeks to transform itself into an asset-light, digitally focused firm.
Noble, once Asia’s top commodity trader, has seen its market value all but wiped out from $6 billion in early 2015.
Noble has seen its market value all but wiped out from $6 billion in February 2015 after its accounting was questioned by Iceberg Research.
The firm has poached David Luboff, CEO of Macquarie Group’s Asia Infrastructure Fund, as its new head of Asia Pacific Infrastructure.
Noble’s next chairman will be tasked with steering the company into profitability as it transforms itself into an Asian-centric trader mainly dealing with coal, freight and liquefied natural gas.