US-listed investment bank Morgan Stanley could raise more than $1bn for the 34.3% corporate venturing stake it holds in banking peer China International Capital.
Newswire Reuters said a syndicate of investors, led by private equity firms Kohlberg Kravis Roberts and TPG Capital, had made an offer for Morgan Stanley’s stake, just days after the Chinese authorities agreed the holding could be sold.
Morgan Stanley paid $37m for the shares more than a decade earlier, Reuters said.