Morgan Stanley has received Chinese government approval to sell its 34.3 per cent stake in China International Capital Corp, one of the country’s top investment banks, paving the way for the US group to set up a fresh venture in the country.
In a brief announcement on its website, China’s securities regulator said it had approved a transfer of more than 5 per cent of CICC shares. CICC officials confirmed that was a reference to Morgan Stanley’s stake in the company.
Morgan Stanley plans to sell its CICC stake to US private equity groups KKR and TPG for about $1bn, the Financial Times reported this year, and has been waiting for approval since the start of the year.
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