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Goldman Forms Wealth Venture With China’s Largest Bank

  • Goldman Sachs to own 51% of wealth firm venture with ICBC
  • Global banks are expanding in China as financial market opens
Bloomberg business news
WATCH: Goldman Sachs Group Inc. is forming a wealth management joint venture with China’s largest bank, ICBC. (Source: Bloomberg)
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Goldman Sachs Group Inc. received approval from Chinese regulators to set up a wealth management joint venture in the world’s second-largest economy to go after an asset pool it estimated will surpass $70 trillion by the end of this decade.

Goldman Sachs Asset Management will hold 51% in the venture, while the wealth arm of Industrial & Commercial Bank of China Ltd., the world’s largest bank by assets, will own the remainder, the firms said on Tuesday.