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Bank seeks stake sale

May 25th, 2010 | Shanghai Daily

MORGAN Stanley has applied to China’s securities regulator for permission to sell its 34 percent stake in investment bank China International Capital Corp.

The China Securities Regulatory Commission may approve the request within three months after giving it careful consideration, Shanghai Securities News quoted unnamed sources as saying yesterday.

Morgan Stanley was said to have talks with private equity firms KKR and TPG about selling its stake in CICC for more than US$1 billion, but other sources also said the New York-based company is likely to trade with a consortium of commercial banks or securities firms.

The sale will pave the way for the New York bank to set up a new investment banking joint venture with China Fortune Securities Co in China after it exits CICC.

Morgan Stanley has been seeking to sell the CICC stake for more than two years, and it signed a memorandum of understanding with Shanghai-based China Fortune at the end of 2007 for the joint venture.

In China, a foreign company is only allowed to set up one investment banking joint venture which means Morgan Stanley has to sell its stake in CICC in order to form another company with China Fortune, in which the New York bank is expected to have more say in management.

Morgan Stanley invested US$37 million to form CICC with China Construction Bank Corp in 1995.

Read more: http://www.shanghaidaily.com/article/?id=438027&type=Business#ixzz0oxSS2KPF

 

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  7. CIC Got a Stake of Morgan Stanley
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Category: Finance