Goldman Sachs has received approval from the China Securities Regulatory Commission (CSRC) to fully own its securities joint venture (JV) in China.

The approval allows the US investment banking giant to acquire the remaining 49% equity interest in Goldman Sachs Gao Hua Securities Company (GSGH).

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The bank did not mention how much it is paying to acquire the remainder of GSGH, which it founded in 2004 in partnership with Beijing Gao Hua Securities.

Last December, it signed an agreement to take 100% control of its securities JV.

As part of taking full ownership, Goldman plans to rename the unit to Goldman Sachs (China) Securities Company.

The bank said that attaining full ownership of GSGH will allow for long-term growth and success in the China market under one wholly-owned entity.

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Goldman is currently in the process of migrating its onshore business units from Beijing Gao Hua Securities to GSGH.

The bank is expected to bring its most of its Chinese operations, including trading and wealth management as well as investment banking functions, under its wholly owned entity.

In May this year, Goldman received an initial regulatory nod in China for a wealth management JV with Industrial and Commercial Bank of China.

A slew of banking and financial companies is seeking to widen their footprint in China as the country further broadens the liberalisation of its financial sector.

In June this year, BlackRock became the first foreign asset manager to secure regulatory approval for the establishment of a fully owned business in China’s $3.6 trillion mutual fund market.

In August this year, JPMorgan Chase & Co took full control of its securities business after securing regulatory approval from the regulatory authorities.

The same month, it was reported that Fidelity International secured a regulatory nod from the CSRC to set up a mutual fund unit in Shanghai.