Morgan Stanley acquires bank in China
The US investment bank wins an auction to acquire Nan Tung Bank.
Morgan Stanley has announced that it will buy 100% of Nan Tung Bank, a Chinese bank based in Zhuhai. The deal has been given CBRC approval.
What makes the deal unique is that Morgan Stanley has been able to buy 100% of the shares in a Chinese bank. And the reason is that Nan Tung is one of 11 so-called foreign-funded banks. In this case, it was owned by the Macau subsidiary of Bank of China BOC, and was...
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