Wall Street IBD China Expansion

Morgan Stanley was the first Wall Street firm to set up adomestic investment bank in China through its partnership withChina International Capital Corp. in 1995, followed by CLSAAsia-Pacific Markets in 2003. Goldman Sachs Group Inc. wonapproval to form a local investment bank the following year. UBSAG partnered with Beijing Securities Co. in 2006, followed byCredit Suisse Group AG in 2008 and Deutsche Bank AG last year.