Morgan Stanley to sell stake in CICC
Source: Agencies |
December 9, 2010, Thursday
|
Print Edition
Print Edition
INVESTMENT banking firm Morgan Stanley yesterday said it has received the necessary regulatory approvals to sell its 34 percent stake in China's first investment bank.
Buyers of the stake in China International Capital Corp include TPG Capital, investment firm Kohlberg Kravis Roberts & Co and the Government of Singapore Investment Corp, Morgan Stanley's statement said.
The firm said it expects to record a US$700 million pretax gain after the sale closes by the end of this year.
Morgan Stanley and China Construction Bank established CICC in 1995 in an effort to modernize the country's finance industry.
The US company said it was the first foreign securities firm to have a major stake in a China-based joint venture investment bank.
But the marriage was at times tumultuous as the two sides disagreed over strategy.
"We are proud of our history and successful track record in China," Morgan Stanley CEO James Gorman said in the statement. "Given the impressive economic and market developments and business opportunities, China remains a critical part of Morgan Stanley's global strategy. Our focus now is to further expand our domestic market platform and capabilities."
Buyers of the stake in China International Capital Corp include TPG Capital, investment firm Kohlberg Kravis Roberts & Co and the Government of Singapore Investment Corp, Morgan Stanley's statement said.
The firm said it expects to record a US$700 million pretax gain after the sale closes by the end of this year.
Morgan Stanley and China Construction Bank established CICC in 1995 in an effort to modernize the country's finance industry.
The US company said it was the first foreign securities firm to have a major stake in a China-based joint venture investment bank.
But the marriage was at times tumultuous as the two sides disagreed over strategy.
"We are proud of our history and successful track record in China," Morgan Stanley CEO James Gorman said in the statement. "Given the impressive economic and market developments and business opportunities, China remains a critical part of Morgan Stanley's global strategy. Our focus now is to further expand our domestic market platform and capabilities."
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