Goldam Sachs Group Inc. China is moving to acquire 100% ownership of its securities joint venture, deepening its investment in the world’s second-largest economy after a 17-year partnership with domestic brokerage.
New York-based bank Goldm Sachs is applying to Chinese regulators for full control of the securities and has signed an agreement with a %%-owned venture that it does not own, as seen in an internal memo. Wall Street Journal.
Goldum China is the first global bank to acquire full ownership of its securities business in China and renamed it Goldm Sachs China Securities Co. In March, the country’s securities regulator approved a majority bid to take control of the Beijing-based unit. .
“One hundred percent ownership of our suffrage on the mainland demonstrates a significant commitment and representation to China,” Chief Executive David Solomon, Chief Rating Operating Officer John Waldron and Chief Financial Officer Fisher Stephen Schere said in a memo on Tuesday.
U.S. Investment banks, asset managers and credit card companies have long wanted a large presence in China, but have been held back for decades by ownership restrictions on the country’s financial businesses. January Street, Washington has emerged as a major winner in the trade war between Washington and Beijing, with an agreement reached in January guaranteeing greater access to China’s financial sector for American institutions.
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