Goldman Sachs to acquire 100% of China Securities Joint Venture
Goldman Sachs is the first global bank to seek full ownership of its securities business in China, deepening its investment in the world’s second-largest economy after partnering with a domestic brokerage for 17 years.
JPMorgan Chase & Co. and Morgan Stanley have both taken majority control of their local securities joint ventures. The former also has full ownership of a futures unit in China. Citigroup Inc. has been awarded a custodian license that allows it to service mutual and private fund domiciled in China.
Goldman didn’t say how much it plans to pay for the remaining shares in the China venture. As regulatory approvals can take some time to secure, the transaction would likely be completed in 2021.
Source: WSJ #Dec08
https://www.wsj.com/articles/goldman-sachs-moves-to-acquire-100-of-china-securities-joint-venture-11607402421?st=sfzfzk39u2oiqb2&reflink=article_copyURL_share
#ChinaSecuritiesJV #China #GoldmanSachs
Goldman Sachs is the first global bank to seek full ownership of its securities business in China, deepening its investment in the world’s second-largest economy after partnering with a domestic brokerage for 17 years.
JPMorgan Chase & Co. and Morgan Stanley have both taken majority control of their local securities joint ventures. The former also has full ownership of a futures unit in China. Citigroup Inc. has been awarded a custodian license that allows it to service mutual and private fund domiciled in China.
Goldman didn’t say how much it plans to pay for the remaining shares in the China venture. As regulatory approvals can take some time to secure, the transaction would likely be completed in 2021.
Source: WSJ #Dec08
https://www.wsj.com/articles/goldman-sachs-moves-to-acquire-100-of-china-securities-joint-venture-11607402421?st=sfzfzk39u2oiqb2&reflink=article_copyURL_share
#ChinaSecuritiesJV #China #GoldmanSachs