(C) Reuters. FILE PHOTO: A sign is displayed in the reception of Goldman Sachs in Sydney
HONG KONG (Reuters) – Goldman Sachs Group Inc (NYSE:GS) 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 51% to 100% 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.
Goldman Sachs signs pact to own 100% of China joint venture
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