Morgan Stanley & Co. Incorporated headquarters in New York
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Morgan Stanley Put Up For Sale Mortgage Bank in Russia
Morgan Stanley has put up for sale Gorodskoy Ipotechny Bank (City Mortgage Bank) that it acquired in Russia in 2006, Vedomosti reported.
According to Vedomosti, Morgan Stanley decided in 2005 to establish a mortgage business and set to buying mortgage banks in different countries. But the global crisis on the mortgage market stripped that business of its lucrative component.
Private holders of Rosgosstrakh set up Gorodskoy Ipotechny Bank in 2003. The principal holder, Danil Khachaturov sold 100 percent in it to Morgan Stanley in 2006. The deal budget wasn’t announced to public at large, but the media said it could be $185 million to $200 million.
Morgan Stanley bought mortgage banks in the United States (Saxon Capital), Great Britain (Advantage Home Loans) and Italy in 2005 through 2006. It stopped granting loans via Saxon and closed Advantage in February of 2008.
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