Morgan Stanley Gets Regulatory Approvals for $700M CICC Sale

Morgan Stanley (NYSE:MS) said Wednesday it has received all required regulatory approvals for the $700 million sale of its 34.2% stake in China International Capital Corp. [CICC].

The New York-based company is selling its Beijing unit to TPG Capital, KKR, the Government of Singapore Investment Corp, and Great Eastern Life Assurance Co. in a deal expected to close by the end of this year.

“We are proud of our history and successful track record in China,” Morgan Stanley CEO James P. Gorman said in a statement. “This includes our long partnership with CICC, which made us the first foreign securities firm to have a major stake in a China-based joint venture investment bank.”

Morgan Stanley entered into the joint venture with China Construction Bank and other Chinese and international financial institutions in 1995.

Gorman said that China “remains a critical part” of the US investment bank’s global strategy, however it will now focus more on further expansion of its domestic market platform.