Business

Goldman Sachs signs pact to own 100per cent of China joint venture

Goldman Sachs Group Inc has signed a pact with its China joint venture partner to wholly own the business, becoming the latest foreign bank to expand in the world's second-largest economy.

FILE PHOTO: A sign is displayed in the reception of Goldman Sachs in Sydney
FILE PHOTO: A sign is displayed in the reception of Goldman Sachs in Sydney, Australia, May 18, 2016. REUTERS/David Gray

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HONG KONG: Goldman Sachs Group Inc has signed a pact with its China joint venture partner to wholly own the business, becoming the latest foreign bank to expand in the world's second-largest economy.

The process to boost its stake in the Goldman Sachs Gao Hua (GSGH) venture from 51per cent to 100per cent has also been initiated with the local regulators, according to an internal memo issued on Tuesday to staff of the Wall Street bank.

A spokesman for Goldman Sachs in Hong Kong confirmed the memo content.

(Reporting by Scott Murdoch, Writing by Sumeet Chatterjee; Editing by Kim Coghill)

Source: Reuters