Goldman cleared for investment bank JV

Goldman Sachs said it received approval to set up its long planned joint-venture investment bank. The announcement gives the green light for Goldman to launch Goldman Sachs Gao Hua Securities, its venture with Beijing Gao Hua Securities. Goldman, which reportedly retains the option to buy out its partner, starts with a 33% interest, the currently allowable maximum, in the JV. Beijing Gao Hua Securities owns 67%. The venture gets Goldman into the local underwriting, advisory and bond businesses.