Goldman Sachs is set to take full ownership of its securities joint venture in China, as Western investment banks seek to expand their presence across the country’s booming financial industry.
The US bank has signed a definitive agreement and initiated regulatory processes to acquire all of the outstanding shares in Goldman Sachs Gao Hua from its local partner, Beijing Gao Hua Securities, according to an internal memo seen by the Financial Times on Tuesday. It currently holds 51 per cent in the venture.
Wall Street’s biggest firms have rushed to boost their presence in China as the country opens up its financial system to foreign investment. That long-term shift has gathered pace this year despite escalating geopolitical tensions between Beijing and Washington.