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Morgan Stanley, Goldman Win China Nod to Control Ventures

  • China is opening its $45 trillion financial market in 2020
  • UBS, JPM and Nomura have already taken majority control of JVs
Updated on

Morgan Stanley and Goldman Sachs Group Inc. were granted approvals to take control of their securities joint ventures in China as policy makers push ahead with the opening of the nation’s $45 trillion finance industry even as they fight to contain the coronavirus outbreak.

Morgan Stanley plans to boost its stake to 51% from 49% with the approval from the China Securities Regulatory Commission, the New York-based bank said in a statement Friday. Goldman said it also won approval to control its partnership, lifting the stake from 33%.