Morgan Stanley buys Nantong Bank
US investment bank Morgan Stanley announced yestoday it has acquired the Zhuhai Nantong Bank owned by Macau branch of Bank of China.
The deal's details were undisclosed. After the deal finished, Nantong Bank will become the Morgan's full-owned subsidary, and the transaction has been apporved by CBRC.
By the acquisition, Morgan Stanley gains the license to all-around develope its banking business in China, including deposit, mortgage loan, enterprises loans, exchanging foreign currency, trading raise and credit loans.
The group CEO said the deal give them a platform to provide more investment products covered the various fields; while the transaction makes it become a leader in the US banking sector, which makes it develope its banking business in full aspects.
Furthermore, the Nantong Bank, still without a license for RMB business, will apply for the business to provide all kinds of RMB products, structual products ect to mainland residents.
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