BEIJING (Reuters) - Morgan Stanley is seeking a buyer for its 34 percent stake in investment bank China International Capital Corp, Wei Sun Christianson, the U.S. bank's China chief executive, said on Monday.
Private equity firms Bain Capital and General Atlantic are among those eyeing the stake in CICC, China's largest investment bank, in a deal that could fetch more than $1.2 billion, Reuters reported last week.
People with direct knowledge of the matter said first-round bids for Morgan Stanley's stake are due on Tuesday.
The bank wants to sell because its role in CICC has been reduced to that of a passive investor and it feels frustrated, bankers say. Because Morgan Stanley already has one joint venture, regulators will not approve another one.
Morgan Stanley won approval from Chinese regulators early last year to sell its stake in CICC, but it took it off the block when bids came in too low. Now that the market has bounced back, it is trying again.
Speaking to Reuters on the sidelines of a conference, Christianson said Morgan Stanley was looking for other potential partners in China.
(Reporting by Kang Xize and Alan Wheatley; Editing by Ken Wills)
