Goldman Sachs has received regulatory approval to take full ownership of its securities joint venture in China, allowing the investment bank to expand in the country as Beijing eases restrictions on foreign firms in its finance industry.
The green light from the China Securities Regulatory Commission “will enable us to position our firm for long-term growth and success in this market under one wholly-owned entity”, the bank said in an internal memo.
“This marks the start of a new chapter for our China business following a successful 17-year joint venture.”
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