Goldman Sachs was reported close to resolving regulatory issues standing in the way of a proposed joint venture investment bank with a consortium led by Fang Fenglei. Goldman had hoped the new JV bank would open for business this year, giving it solid footing to compete for deals against Morgan Stanley, which has a stake in China International Capital Corp, China's top investment bank. Goldman will reportedly have a 33% stake in the venture, with the consortium, which includes Lenovo Group, holding the remaining two thirds. Observers said regulators have come round to the notion that the venture involving Goldman would be useful in showcasing China's advances in investment banking.
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