September 18, 2008 / 2:40 AM / 11 years ago

HSBC cited as possible Morgan Stanley suitor: report

Investment bank Morgan Stanley is pictured in New York City, September 17, 2008. REUTERS/Mike Segar

SINGAPORE (Reuters) - London-based bank HSBC (HSBA.L) (0005.HK) has been cited as a possible buyer of U.S. investment bank Morgan Stanley (MS.N), broadcaster CNBC reported.

CNBC said according to unnamed sources, Morgan Stanley is in talks to possibly be acquired by China’s CITIC Group, though no deal was certain.

“Morgan Stanley’s senior management has been in talks with a number of potential buyers, and a deal becomes more likely as the investment bank’s stock — which plunged more than 24 percent Wednesday — declines further. London-based HSBC has also been cited as a possible suitor for Morgan Stanley,” CNBC reported on its Website.

Spokesman for both Morgan Stanley and HSBC in Hong Kong declined to comment on the report.

Reporting by Lincoln Feast

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