HONG KONG: Goldman Sachs has applied for majority control of its Chinese joint venture, the bank confirmed on Wednesday, the latest international bank to do so ahead of Chinese plans to eventually allow foreigners full control.
Western banks' lack of control over the JVs, along with their limited contribution to revenues, have long been a source of frustration for foreign banks in China. Unlike most of the other joint ventures, Goldman Sachs already has day-to-day operational control of its joint venture, which offers investment banking services such as equities and bond underwriting and deal advice.Despite that managerial control, Goldman has long made it clear it would eventually seek to take a majority stake too.
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