Morgan Stanley board approves China bank stake divestment

US bank just awaits China regulator's approval to complete sale of 34.3% stake in CICC.

The sale of Morgan Stanley's entire stake in CICC is still pending regulatory approval in China, China International Capital Corp. (CICC) chairman Li Jiange said Thursday, according to Dow Jones Newswires.

"Our board has approved the buyers of the stake held by Morgan Stanley," Li told Dow Jones.

"We have already submitted our application to the regulator for approval and the timing of the actual sale depends on the government's timetable."

Li declined to give further details of the deal, including the names of the potential buyers.

He made the comments on the sidelines of the annual session of the Chinese People's Political Consultative Conference, a legislative advisory body.

Representatives from CICC and Morgan Stanley in Hong Kong were not immediately available for comment.

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