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Finance

Goldman Sachs seeks full ownership of China securities venture

Other foreign banks plan similar moves despite Beijing-Washington tensions

Goldman Sachs will purchase the 49% it does not already own in its securities joint venture, making it the first foreign bank to acquire full ownership of such entities in China.   © Reuters

HONG KONG -- Goldman Sachs Group is seeking regulatory approval from Beijing authorities to fully acquire its securities joint venture in China, joining its global rivals in deepening its investment in the world's second-largest economy in the face of continuing tensions between Washington and Beijing.

Goldman Sachs, has signed a definitive agreement with Beijing Gao Hua Securities, its partner of 17 years, to purchase the 49% it does not already own. That would make it the first foreign bank to acquire full ownership of its Chinese joint venture. The company did not state the purchase price.

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