Money

Goldman Sachs Cleared to Own All of China Securities Unit

Goldman’s headquarters in New York.



Photo:

Michael Nagle/Bloomberg News

Chinese regulators approved

Goldman Sachs


GS 3.80%

Group Inc.’s application to take full ownership of its local securities business, another step in China’s gradual opening of its financial system to major players from the U.S. and elsewhere.

Goldman had sought approval in December to increase its stake in the business, and said Sunday that China’s financial markets regulator, the China Securities Regulatory Commission, had given its assent.

“This marks the start of a new chapter for our China business following a successful 17-year joint venture,” Goldman Chief Executive

David Solomon,

Chief Operating Officer

John Waldron

and Chief Financial Officer

Stephen Scherr

wrote in a joint statement.

The securities unit, Goldman Sachs Gao Hua Securities Co., will be renamed Goldman Sachs (China) Securities Co.

Write to Quentin Webb at quentin.webb@wsj.com

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Goldman Sachs Cleared to Own All of China Securities Unit Source link Goldman Sachs Cleared to Own All of China Securities Unit

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