US-based investment bank Goldman Sachs has been given regulatory approval to take full ownership of its securities joint venture in China, providing the company with the means to expand its China operations as Beijing loosens restrictions on foreign firms in the Chinese finance industry, reports the Financial Times.
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.”
The approval also comes as many US financial groups seek to take advantage of increasing market access in China despite concerns about the political and regulatory climate in the country and slowing economic growth after a post-lockdown surge.