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].

Continue Reading Below

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.

What do you think?

Click the button below to comment on this article.