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...

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