Saturday, June 16, 2012

RBI grants banking Licence to Morgan Stanley

The Reserve Bank of India (RBI) has granted a banking licence to Morgan Stanley, which will
enhance the financial services firm's ability to lend to corporate clients, whom it advises on
takeovers. However, it is unlikely to get into locally popular banking activities such as corporate or retail loans. This may enable Morgan Stanley, the top-ranked mergers and acquisitions advisor last year, to extend its lead over rivals Goldman Sachs and Bank of America Merrill Lynch in advisory and compete in providing services such as wealth management.

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