After years of frustration and several attempts to offload China's most prominent investment bank, Morgan Stanley is close to selling its one-third stake in China International Capital Corp (CICC) for about $1bn to private equity firms Kohlberg Kravis Roberts and TPG.
If the deal is approved by Beijing – where some elements of the government remain uneasy about a sale to US private equity groups – the US investment bank will make a tidy profit on the original $37m it invested 13 years ago.
It will also be rid of an extremely difficult relationship with one of the most powerful names in Chinese finance.
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