HONG KONG (Reuters) – 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 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.
(Reporting by Scott Murdoch, Writing by Sumeet Chatterjee; Editing by Kim Coghill)
