NEW YORK -- Goldman Sachs intends to take a majority stake in its Chinese joint venture, the latest from Wall Street to seek expansion in the country's financial sector after Beijing loosened restrictions.
The venture, Goldman Sachs Gao Hua Securities, is currently 33% owned by the Wall Street firm. Its application to change the shareholding structure was received by the Chinese Securities Regulatory Commission on Monday, the agency's online portal shows.
Goldman's move follows similar filings by Morgan Stanley and Credit Suisse over the past few months. Credit Suisse first announced in April that it plans to boost its holding in Credit Suisse Founder Securities to 51%.
JPMorgan Chase and Nomura Holdings also are moving toward having their own majority-controlled securities operations in China, after receiving regulatory approvals earlier this year from Beijing.
An early mover on the scene was UBS, which received the green light from Chinese authorities in December to have a 51% stake in its business in the country.
China announced in late 2017 that it would let foreign financial groups own up to 51% in a local joint venture, a welcome change for global investment banks eager to tap the country's vast market. As the companies ratchet up their stakes, many aim eventually to wholly own their operations once regulation allows.