Morgan S sealing strip tanley acquires stake in Hangzhou Trust

Morgan S sealing strip tanley acquires stake in Hangzhou Trust
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Morgan Stanley acquires stake in Hangzhou TrustPublished: 27 Nov 2008 01:59:43 PST

Nov. 27, 2008 (China Knowledge) - The U.S. investment bank Morgan Stanley has completed acquiring a 19.9% stake in China's Hangzhou Industrial & Commercial Trust Co. Ltd, the Shanghai Securities News reported.

The move marks another important step toward Morgan Stanley's expansion strategy in China's fast-growing financial market, the newspaper indicated.

The Chinese company said earlier that it expected to sell the 19.9% stake to its strategic investor for RMB 200 million (US$29 million).

Morgan Stanley would appoint a new chief executive and take two of the nine board seats of the trust joint venture, which had over RMB 6 billion in assets under management, sources reported.

However, official comments from both sides are not available at present.

According to relevant regulations in China, a foreign institution can hold up to 20% of a Chinese trust company, while overseas investors can have a combined stake not more than 25%.

Earlier this year, Barclays Plc and National Australia Bank Ltd also obtained regulatory approval to buy into Chinese trust companies.

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