US bank looks to sell stake
Source: Agencies |
November 10, 2009, Tuesday
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Print Edition
Print Edition
MORGAN Stanley is looking to sell its 34 percent stake in investment bank China International Capital Corp, the United States bank's China chief executive said yesterday.
"We are a passive investor in CICC, so getting out (of it) is the general direction," Wei Sun Christianson told Reuters.
She did not say whether Morgan Stanley was in talks to sell its stake or name potential investors.
Private equity firms Bain Capital and General Atlantic are among those eyeing the stake in CICC, China's largest investment bank, in a deal that could fetch more than US$1.2 billion, Reuters said last week.
People with direct knowledge of the matter said first-round bids for the stake are due today.
The bank wants to sell because its role in CICC has been cut to that of a passive investor and it feels frustrated, bankers say. As Morgan Stanley already has one joint venture, regulators will not approve another one.
"We are a passive investor in CICC, so getting out (of it) is the general direction," Wei Sun Christianson told Reuters.
She did not say whether Morgan Stanley was in talks to sell its stake or name potential investors.
Private equity firms Bain Capital and General Atlantic are among those eyeing the stake in CICC, China's largest investment bank, in a deal that could fetch more than US$1.2 billion, Reuters said last week.
People with direct knowledge of the matter said first-round bids for the stake are due today.
The bank wants to sell because its role in CICC has been cut to that of a passive investor and it feels frustrated, bankers say. As Morgan Stanley already has one joint venture, regulators will not approve another one.
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