Goldman Sachs and Morgan Stanley finally joined JPMorgan with approvals to take majority stakes in their Chinese JVs. It’s a token concession at a precarious time. Patience, however, could yet pay off, says petesweeneypro:
Goldman Sachs and Morgan Stanley said on March 27 they had received the final regulatory approvals to take majority stakes in their China securities joint venture.
Goldman and Morgan Stanley received nods from the China Securities Regulatory Commission to raise their stakes in Goldman Sachs Gao Hua Securities and Morgan Stanley Huaxin Securities from 33% to 51% and 49% to 51%, respectively, the two Wall Street banks said in separate statements.
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