- Goldman Sachs (GS), Morgan Stanley (MS), and Deutsche Bank (DB) want to get a piece of the $1.5B-$2B stake sale ahead of what's expected to be an IPO next year, reports the FT.
- Huarong is the largest of the four funds set up in 1999 to help clean up the last asset bubble there by removing about $230B in bad loans from the country's big 4 state-owned banks. The western banks want in amid concern about another wave of bad loans across China which would be manna for companies like Huarong.
- The fund reportedly plans to sell a 15-20% stake in itself to set the table for an IPO - similar to plans for Cinda Asset Management, another bad loan vehicle.
Western banks line up for stake in China's Huarong Asset Management
Aug 16 2013, 07:49 ET