Morgan Stanley's 34.3 per cent stake in Chinese lender CICC is attracting the likes of Fubon Financial and Kohlberg Kravis Roberts & Co in a deal that could be worth over $1 billion, a report by Bloomberg reveals.

CICC is currently one of the largest and most successful investment banks in China. According to the news service, Morgan Stanley had paid only $37 million for its stake about 14 years ago. The bank tried to sell it in 2008, but plans fell through. Sources cited by the publication said that the most recent sale could fetch between $1.2 billion and $1.5 billion.

The strong attention towards significant stakes in Chinese banks signals the country's, and the rest of the Asian region's, rising strength in the global investment and financial industry. In the case of CICC, as with any other Chinese company, the buyer's success will still be dependent on regulatory approval and will be subject to certain government limits.

Taiwan's Fubon Financial, however, could be at an advantage in the bidding war as it already has an existing memorandum of understanding with CICC, which if extended could allow the Taiwanese and Chinese banks to purchase stakes from each other. Fubon has been very vocal about its China expansion plans; it's latest move being the acquisition of a 19.99 per cent interest in Xiamen Commercial Bank.

The sale had already listed Bain Capital, General Atlantic, JC Flowers, and TPG as bidders previously.