Daily Dispatches: Morgan Stanley wants a buyer in China, Citi wants a partner

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Citigroup chief executive officer Vikram Pandit said the bank is seeking a Chinese partner to set up a local securities joint venture, the official Shanghai Securities News reported on Friday. (Reuters)

Morgan Stanley is on the lookout for a cash rich buyer for its 34.3 per cent share of China International Capital Corporation (CICC). With China's economy well on the path of recovery and Chinese companies investing overseas and listing both on the A-share and overseas markets, MS is expecting a high valuation. (China Stakes)

Hong Kong's rich are getting richer again, as their fortunes begin to recover from the battering taken in the early months of the global financial crisis. The total net worth of the territory's 40 richest tycoons increased 65 per cent over the past year to US$135bn, according to Forbes magazine. (Financial Times)

DBS, Southeast Asia's largest bank, posted the biggest increase in quarterly profit in three years as investment-banking fees and lending earnings advanced. Net income in the three months ended December 31 climbed 67 per cent from a year earlier to S$493m, the Singapore-based bank said in a statement to the stock exchange today. (Bloomberg)

Macquarie Group has bought Luxembourg private bank Sal Oppenheim's research and investment banking operations. The moves follows Macquarie's purchase of Sal Oppenheim's derivatives business in December. The acquisitions are part of Macquarie plans to expand its investment banking operations in the US and Europe. (The Australian)