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CIC gets Fed approval for Morgan Stanley stake

The Chinese sovereign wealth fund has committed to the US Federal Reserve that its interest in Morgan Stanley will remain a passive investment and that it has committed to not exert controlling influence over the bank

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

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