返回信息流China's Nan Tung Bank bought by Morgan Stanley
10.02.2006, 05:17 AM
BEIJING (XFN-ASIA) - US investment bank Morgan Stanley has bought Nan Tung Bank, which is based in Zhuhai in southern China, Morgan Stanley said.
Morgan Stanley did not disclose the price it paid, but said it had been given the green light for the purchase by the China Banking Regulatory Commission.
'We are pleased to be the first among our peers to establish an onshore commercial banking platform in China,' Morgan Stanley chief executive John Mack said in a written statement.
Wei Christianson, Morgan Stanley's chief executive for China, said: 'Nan Tung Bank is a good strategic fit for our China business. This platform will allow us to provide a wider array of new product capabilities that are currently offered only by commercial banks with a presence within China.'
Morgan Stanley will operate Nan Tung Bank as a wholly owned subsidiary.
The bank will offer a comprehensive set of commercial banking products and services, including deposits, home mortgage loans, corporate loans, foreign currency exchange and remittances, trade finance and credit facilities to individual and corporate customers, the investment bank said.
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[Forbes News] China's Nan Tung Bank bought by Morgan Stanle
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