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Goldman Sachs buys its partner in China

Tuesday 19 October 2021 11:01 CET | News

Goldman Sachs has won approval to take full ownership of a joint venture in China, enabling the Wall Street firm to expand its operations in the country.

The China Securities Regulatory Commission gave Goldman Sachs the go-ahead to buy out Beijing Gao Hua Securities, its local partner, as Beijing tries to make good on a pledge it made in 2017 to allow foreign investment banks to fully own their China operations.

Goldman Sachs reached a deal to buy a remaining 49% stake in Goldman Sachs Gao Hua from its Chinese partner in December 2020. The price was not disclosed. The company will be renamed Goldman Sachs China Securities Company.

Goldman has a long history in China as one of the first foreign investment banks to open offices in the country in 1994. It teamed up with Beijing Gao Hua Securities in 2004 and began to offer investment banking services, like helping domestic companies raise money in financial markets.

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Keywords: Goldman Sachs, investment, acquisition
Categories: Banking & Fintech
Companies:
Countries: China
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