The global investment banking giant, Morgan Stanley said it has taken more stakes to gain control of a Chinese banking joint venture.
The joint venture which is called Morgan Stanley Huaxin Securities will now be controlled by Morgan Stanley, after the u.S. investment banking giant acquired 2% more shares.
According to a filing by Huaxin Securities’ parent company, the stake acquisition has increased Morgan Stanley’s stake to 49%.
“A buyer will pay 376.2 million yuan ($54.24 million) for the 2% stake in Morgan Stanley Huaxin Securities, according to a separate notice on the Shanghai United Assets and Equity Exchange website dated Aug. 1,” said Shanghai China Fortune Co, Huaxin Securities’ parent company in a statement.
However, the acquisition will need to be approved by the China Securities Regulatory Commission (CSRC)