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 auctioned off as part of BOCÆs restructuring which included hiving off non-core businesses.
BOC appointed Deloitte late last year to hold an auction for Nan Tung. Around 100 invitation letters were sent out and...
¬ Haymarket Media Limited. All rights reserved.
