Goldman to acquire full control of securities JV chinadaily.com.cn - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from chinadaily.com.cn Daily Mail and Mail on Sunday newspapers.
US investment bank Goldman Sachs Group Inc is moving closer to gaining full control of its securities business in China after signing an agreement to buy out its local joint venture partner.
The deal will likely make Goldman Sachs the first foreign bank to gain 100 percent ownership of its securities joint venture on the Chinese mainland after China s top securities regulator removed foreign ownership restrictions in April to further open the country s financial services industry to overseas investors.
Under the agreement, Goldman Sachs will boost its current stake of 51 percent to 100 percent in its China securities JV.
A spokeswoman at Goldman Sachs Beijing office confirmed the agreement on Wednesday. Goldman Sachs has commenced the formal process of acquiring 100 percent of our China joint venture Goldman Sachs Gao Hua, the spokeswoman told China Daily. We have signed a definitive agreement with our joint venture partner to acquire all of the outstanding shares in GSGH