Chinese regulators have green-lighted Goldman Sachs to take full control of its mainland securities business.
Goldman Sachs said it would buy the remaining stakes in Goldman Sachs Gao Hua Securities Company Ltd (GSGH) and rename it as Goldman Sachs (China) Securities Company Ltd., according to a statement.
The bank added that the migration of its onshore business to GSGH from Beijing Gao Hua Securities was underway.
Goldman Sachs first flagged its intention to buy out its partner in December.
Second on Wall Street
Goldman will become the second Wall Street firm to be granted approval for full securities ownership after. J.P. Morgan became the first to do so in August.
Fellow American rival Morgan Stanley is also close to full ownership after increasing stake in its mainland securities joint venture to 90 percent in May.
«This marks the start of a new chapter for our China business following a successful 17-year joint venture,» Goldman Sachs said.
