Morgan Stanley to Withdraw from CICC Next Feb

Morgan Stanley, a global financial services firm headquartered in New York City, has submitted the equity change application on withdrawing from China International Capital Corporation (CICC) to the China Securities Regulatory Commission and enters an audit stage at the beginning of November 2010.

This means that the foreign giant will complete withdrawing from CICC, a leading Sino-foreign investment bank in China, at the beginning of next February. According to the application, the global giant will sell a 34.3% stake in CICC.

People close to the matter disclosed that CICC, agreed by the State Council, the nation's cabinet, is one of the first batch of joint venture securities firms established in China. Actually, the foreign shareholder has gained approval from the cabinet to withdraw from the investment bank.

After the move, the foreign investor is said to join hands with China Fortune Securities Co., Ltd. to establish a joint venture investment bank.