Morgan Stanley gets approval to sell CICC stake

The US bank expects to reap a $700 million capital gain from the sale of its 34.3% stake to TPG, KKR, GIC and Great Eastern Life.

Morgan Stanley has received all the necessary approvals from the Chinese regulators to sell its 34.3% stake in China International Capital Corp CICC and expects to realise a pre-tax gain of about $700 million from the transaction. In a press release issued last night, the US investment bank also confirmed that the buyers are TPG Capital, Kohlberg Kravis Roberts KKR, The Great Eastern Life Assurance Company and the Government of Singapore Investment Corp GIC.

The first three investors...

To continue reading, please login or register for free

Print Edition

FinanceAsia Print Edition

CONFERENCES

  • Green Bonds Southeast Asia

    25 May 2017  |  Singapore
    With Green Bonds globally reaching USD200 billion outstanding in 2016, from as little as 30bn just 4 years ago, can SE Asia corporations and ...
  • 2nd Compliance Summit Southeast Asia

    17 August 2017  |  Singapore
    The 2017 Compliance Summit Southeast Asia will take an in-depth look at the key compliance considerations today with a focus on regulation and new ...