Morgan Stanley’s Asia wealth unit has received a restricted banking license from the Hong Kong Monetary Authority under the Banking Ordinance.
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The license granted to Morgan Stanley Asia Private Wealth Management Limited (MSAPWML) will take the number of restricted license banks in Hong Kong to 21.
Based in Hong Kong, MSAPWML is a wholly-owned banking subsidiary of Morgan Stanley (MS).
Under the July 2010 issue of The Banker, Morgan Stanley marks as the sixth largest banking groups in the US in terms of Tier-1 capital.
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