Morgan Stanley officially takes over HTI

Morgan Stanley, one of the largest investment banks in the world, has secured the approval of the National Securities Commission (CNVM) to take over HTI Valori Mobiliare (HTI Securities), one of the largest independent brokerage firms on the Romanian market. The transaction indicates international brokers’ increasingly high interest in the local market. As a result, Morgan Stanley becomes the first major international investment bank to enter the local market, having secured the right to trade on the Bucharest and Sibiu exchanges, and obtained significant stakes from the operators of both markets as a result of the takeover. This year has also seen the entry of the regional investment bank Wood & Company (based in the Czech Republic) which operates on the Central and Eastern European markets, and which has been granted the right to trade on the BSE. A large number of financial service providers from the European Union have in turn notified the CNVM of their intention to operate in Romania. ZF reported as far back as June about Morgan Stanley’s intention of taking over HTI. Through the acquisition of HTI, Morgan Stanley has become the biggest shareholder on the Sibiu Monetary Financial and Commodities Exchange, and one of the largest shareholders on the Bucharest Stock Exchange. Morgan Stanley was already present as shareholder on the two markets, but with symbolic stakes. HTI and the individuals involved hold around 15% of the Sibiu Exchange’s capital and 2.76% of the Bucharest Stock Exchange. The value of the transaction and the stake that will be transferred have not been revealed, but the sum the market talks about is around 5-7 million euros.