A view of a sign for Goldman Sachs at the New York Stock Exchange in November 2018 Photo: IC

US investment bank Goldman Sachs has received approval from the China Securities Regulatory Commission (CSRC) to take full ownership of its securities joint venture in China, Goldman Sachs Gao Hua Securities Co (GSGH), the company said on Sunday.

Following the acquisition, Goldman Sachs will operate the second wholly foreign-owned brokerage in China. In August, another US investment bank JPMorgan was approved by the CSRC to become the first wholly foreign-owned brokerage in China. The developments highlighted growing foreign interests in China's capital market and the country's efforts to further open up the domestic market.

Attaining full ownership of GSGH will enable the company's long-term growth and success in the Chinese market under one wholly-owned entity, according to a statement issued by Goldman Sachs on Sunday.

The statement said that the migration of the onshore business units from Beijing Gao Hua Securities to GSGH is underway, which will be renamed Goldman Sachs (China) Securities Co once completed.

In March 2020, Goldman Sachs announced that it has received approval from the CSRC to increase its ownership of GSGH from 33% to 51%. Nine months later, the firm confirmed that it would acquire a 100 percent interest in its Chinese joint venture.

Global Times