Published: 10th December 2020 (1 Min Read)

News this week that Goldman Sachs is to acquire 100% of its securities joint venture in China causes me to wonder about all the suggestions that China will be shunned by the West[i].

Goldman is the first global bank to seek full ownership of its securities business in China and intends to rename it Goldman Sachs (China) Securities Co. In March, the country’s securities regulator approved the firm’s bid to take majority control of the Beijing-based unit.

“One hundred percent ownership of our franchise on the mainland represents a significant commitment to and investment in China,” Chief Executive David Solomon, Chief Operating Officer John Waldron and Chief Financial Officer Stephen Scherr said.

While this is the first move among securities firms, players in asset management, insurance and banking have been looking at or announcing similar moves throughout the year.