Deutsche Bank and Morgan Stanley resign as brokers to ENRC A copper mine, operated by ENRC, in Katanga province, Democratic Republic of Congo Deutsche Bank and Morgan Stanley have resigned as brokers to Eurasian Natural Resources Corp, adding to the woes of the FTSE 100 miner. The two banks resigned the roles in recent weeks, two people familiar with the move said. The banks were unlikely to act as advisers on the potential bid for ENRC that was confirmed by three large shareholders last month, one of the people said. Parties connected to a potential takeover are required under UK rules to make daily public disclosures of their position. Deutsche Bank's last such rule 8.5 disclosure was made on April 26, the point at which the firm resigned. Three days later on April 29, Morgan Stanley made its last filing when it resigned. The banks declined to comment on the reasons for their resignations. ENRC said in an emailed statement that "after many years with the company Morgan Stanley and Deutsche have stepped down in recent weeks as brokers, and we are currently reviewing a final short list of potential replacements." People familiar with the moves cited growing concerns about the situation at ENRC as the reason for the banks" departure. Troubles at the company escalated late last month with the resignation of its chairman Mehmet Dalman, which was followed one day later with the decision by the UK's Serious Fraud Office to launch a criminal probe into the miner. The decision to step down would not affect Deutsche Bank and Morgan Stanley's current positions as lenders to ENRC, the people said. Credit Suisse has recently joined Lazard as an adviser to the independent committee of directors at ENRC. The Swiss bank has traditionally served as one of ENRC's M&A advisers. Lazard has had a longstanding relationship as an adviser to the miner's independent directors. That committee was formed in response to the announcement of a potential offer for the company. Deutsche Bank and Morgan Stanley won their roles as brokers to the Kazakhstan-based miner after being among the bankers to work on its initial public offering in 2007. Thomson Reuters estimated that the four investment banks that worked on the IPO - Deutsche Bank, ABN Amro Rothschild, Credit Suisse and Morgan Stanley - received $118m between them. Deutsche Bank and Morgan Stanley declined to comment. The UK's Serious Fraud Office announced last month that it had launched a criminal probe into ENRC, with the focus on "allegations of fraud, bribery and corruption relating to the activities of the company or its subsidiaries in Kazakhstan and Africa." ENRC has said it was "assisting and co-operating fully with the SFO," adding that it was committed to a "full and transparent investigation of its procedures and conduct."