Morgan Stanley has received regulatory approval to take a majority stake in its China securities joint venture, people with knowledge of the matter said, as Beijing opens up the financial sector to foreigners.
FILE PHOTO: A sign is displayed on the Morgan Stanley building in New York U.S., July 16, 2018. REUTERS/Lucas Jackson/File PhotoBEIJING/HONG KONG: Morgan Stanley has received regulatory approval to take a majority stake in its China securities joint venture, people with knowledge of the matter said, as Beijing opens up the financial sector to foreigners.
The Wall Street heavyweight received the nod from the China Securities Regulatory Commission to raise its stake in Morgan Stanley Huaxin Securities to 51per cent, the people said, declining to be named as they were not authorized to speak to the media.Source: Reuters
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