MUMBAI (Reuters) - Morgan Stanley has received an in-principle approval from the Indian central bank for a banking licence, a spokesman for the U.S. bank said on Wednesday, confirming a report in the Economic Times.
The licence would enable Morgan Stanley to expand its offerings to wealth management, corporate banking and foreign exchange from its current services such as advising clients on takeovers, the newspaper said, citing people familiar with the matter.
The bank is unlikely to get into retail banking due to tough competition from local banks, the paper said.
(Reporting by Aditi Shah; Editing by Ranjit Gangadharan)
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