U.S. investment bank
has strengthened its position in China by acquiring Nan Tung Bank, a Zhuhai-based business that had been owned by a unit of the Bank of China.
Nan Tung Bank, now part of Morgan Stanley Bank International, offers a variety of commercial banking products and services, including deposits, home mortgage loans and corporate loans. The company also has corporate customers based primarily in the Pearl River Delta region of Guangdong Province.
Financial terms weren't disclosed.
"We want to build the leading, fully integrated financial services firm in China and the acquisition of Nan Tung Bank is another important milestone in our pursuit of that strategy," said John Mack, chairman and chief executive of Morgan Stanley. "We are pleased to be the first among our peers to establish an onshore commercial banking platform in China, and believe it will help further strengthen our leadership position in this increasingly important market."
Shares of Morgan Stanley were up 33 cents to $73.24 Monday.