CIC gets Fed approval for Morgan Stanley stake

cic-beijing

China Investment Corp (CIC) this week gained Federal Reserve Board (FRB) approval to acquire up to 10% of Morgan Stanley, after the US regulator concluded that the Chinese sovereign wealth fund will not exercise a controlling influence over the Wall Street bank.

In an announcement on Tuesday (August 31), the FRB says it has approved CIC's acquisition of up to 10% voting share in the US bank under section 3 of the Bank Holding Company Act of 1956 (BHC Act). In June last year, CIC bought into the