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Friday, November 26, 2021

Goldman Sachs obtains permission to buy out its partner in China.

Goldman Sachs was granted full ownership of the joint venture in China, which allowed the Wall Street firm to expand into the country at a time when Beijing took steps to open up its financial sector.

China Securities Regulatory Commission authorization for Goldman Sachs to repurchase Beijing Gao Hua Securities, its local partner comes at a time when Beijing is trying to fulfill its 2017 promise to let foreign investment banks take full ownership of their operations in China.

“This marks the beginning of a new chapter for our business in China after a successful 17-year joint venture,” Goldman Sachs said in a statement Sunday, adding that the approval would allow the investment bank “to position our firm for the long term. growth and success in this market. “

Goldman Sachs closed the deal to buy the remaining 49% stake in Goldman Sachs Gao Hua from its Chinese partner in December. The price was not disclosed. The company will be renamed Goldman Sachs China Securities Company.

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Chinese authorities are courting global investment banks and pledging financial reforms even as they thwart the operations and fundraising activities of some of China’s most prominent companies.

This summer, shortly after regulators banned private tutoring companies from making profits and wiped out billions of dollars from the stock market overnight, Beijing approved a request from BlackRock, the world’s largest asset manager, to sell mutual funds in China. The move was seen as an attempt to calm the nerves of investors and show that China is still open to business.

Goldman has a long history in China as one of the first foreign investment banks to open offices in the country in 1994. In 2004, he partnered with Beijing Gao Hua Securities and began offering investment banking services such as helping domestic companies raise money in financial markets. …

World Nation News Deskhttps://www.worldnationnews.com
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