Reuters: Private Equity: Longreach hires Morgan Stanley to explore Taiwan bank exit-source

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Longreach hires Morgan Stanley to explore Taiwan bank exit-source Apr 3rd 2012, 06:38 HONG KONG, April 3 | Tue Apr 3, 2012 2:38am EDT HONG KONG, April 3 (Reuters) - Private equity firm Longreach Group has hired Morgan Stanley to explore the sale of its majority stake in Taiwanese lender EnTie Commercial Bank Ltd , a source familiar with the matter told Reuters. Longreach bought nearly 51 percent of EnTie in 2007 for T$18.8 billion ($637 million) amid a rush of private equity deals in Taiwan's banking industry. The value of the stake has dropped to about $440 million based on Monday's closing price. Longreach has not decided on an exit strategy and there is no process underway to find a buyer, the source added. But the hiring of an investment bank underscores the private equity firm's desire to cash in on its investment. The source declined to be identified as the decision was not public. Longreach officials were not available for immediate comment. EnTie and Morgan Stanley declined comment. ($1 = 29.4950 Taiwan dollars) (Reporting by Denny Thomas; Additional reporting by Faith Hung; Editing by Chris Lewis)

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