Nippon Credit Bank, currently under state control, has selected U.S. investment bank Morgan Stanley as its financial adviser, NCB President Takuya Fujii said Tuesday.

Fujii told a news conference that the bank made a financial advisory contract with the U.S. company on Monday after screening applications from 17 firms. Morgan Stanley will act as a go-between in the bank’s efforts to seek companies willing to buy its good assets.

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