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Goldman Seeks Approval to Buy Majority Stake in China Banking JV

  • U.S. bank is seeking 51% stake in onshore joint venture
  • Move paves way for Goldman to eventually take full ownership

Goldman Sachs Group Inc. sought regulatory approval to buy a majority stake in its investment banking joint venture in China, following rivals including UBS Group AG and setting the stage for eventually gaining full control.

Goldman has applied to boost its stake in Goldman Sachs Gao Hua Securities Co. to 51% from 33%, a spokesman said Wednesday. Beijing Gao Hua Securities Co., controlled by businessman Fang Fenglei and Legend Holdings, currently owns 67% of the JV, which focuses on equity and debt capital markets and mergers advisory.