Goldman Sachs has applied for majority control of its Chinese joint venture, the...
) has applied for majority control of its Chinese joint venture, the bank confirmed on Wednesday, the latest international bank to do so ahead of Chinese plans to eventually allow foreigners full control.
The bank submitted an application with the China Securities Regulatory Commission on Monday to take its stake in Goldman Sachs Gao Hua Securities to 51% - the maximum permitted - from its current 33% holding.Western banks’ lack of control over the JVs, along with their limited contribution to revenues, have long been a source of frustration for foreign banks in China.
Unlike most of the other joint ventures, Goldman Sachs already has day-to-day operational control of its joint venture, which offers investment banking services such as equities and bond underwriting and deal advice.
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