Morgan Stanley said on Thursday that it will move ahead with a bid to buy another 14 percent of the Morgan Stanley Smith Barney brokerage joint-venture from Citigroup Inc.

The company said it has formally given Citigroup notice that it intends to exercise an option for the stake, which will set off negotiations of up to 90 days with Citigroup over the price.

Morgan Stanley currently owns 51 percent of the business and Citigroup has said it ultimately intends to dispose of its share.