1. Morgan Stanley To Allow India Banking Licence To Lapse:
Report
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MUMBAI (Reuters) – Morgan Stanley intends to allow its banking licence in India to lapse as
part of its changed business strategy, the Economic Times newspaper reported on Saturday.
However, the Wall Street bank will continue to run its investment banking business and stay
registered as a non-banking finance company with the central Reserve Bank of India, the
newspaper reported, citing an unnamed senior banker.
Morgan Stanley declined to comment on the report.
In March 2012, it received the licence to set up a bank in the country.
“It is now planning to let the licence lapse as it does not want to tie up capital and other
resources on account of a review of its strategy,” a senior banker with knowledge of the
development told the newspaper.
The licence would enable Morgan Stanley to expand its offerings to corporate banking and
foreign exchange from its current services such as advising clients on takeovers.
Last November, sources have told Reuters that Morgan Stanley had launched the sale of its
India private wealth management unit, which manages about $1 billion including loans, after
entering the highly fragmented and competitive market just four years earlier.
(Reporting by Indulal PM; editing by Jason Neely)
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