Morgan Stanley quits the HTI business

This is yet another step taken by the American financial institution to withdraw from the Romanian market. Morgan Stanley put up for sale the shares it owned on the Bucharest Stock Exchange (BVB) at the end of 2008, but these did not find a buyer. The transaction by which Morgan Stanley took over 51 percent of HTI, a medium-sized broker on BVB, from businessman Tepes, allowed the financial institution to become one of the main shareholders of BVB and the Sibiu Monetary-Financial and Commodities Exchange (SIBEX). At present, Morgan Stanley owns a mere 0.03 percent of SIBEX and 2.7 percent of BVB. At the end of 2008, HTI Valori Mobiliare ranked 14th among top BVB brokers, with transactions worth a total RON 388.64 million (some €105 mln). Since the beginning of 2009, the company brokered transactions worth RON 6.56 mln, which places the company in 29th place. According to the latest reports, on the local market Morgan Stanley also owns less than 5 percent of the capital of the Imotrust Arad real estate development company, and over 20 percent of the Romcab Targu-Mures electrical cable producer. At the end of last year’s first half, Morgan Stanley appointed Craig Niven (Head of Development of Morgan Stanley) and Francisco Silva (Managing Director of Morgan) to HTI’s top management team. When contacted by Business Standard, Niven declined to provide any comments. (R.A., C.C.)