Investment bank keen to exit CICC

Global financial services giant Morgan Stanley is yet again looking to sell its entire holdings in China International Capital Corp (CICC), the country's first and most profitable investment bank, sources in both the US-based financial advisor and CICC confirmed yesterday.

On Tuesday, a report in the Wall Street Journal, citing people familiar with the situation, said that Morgan Stanley had asked potential buyers to submit indicative first-round bids for its 34.3-percent stake in CICC.

The deal could fetch more than $1 billion, it reported.