GOLDMAN Sachs Group Inc. has received approval from China’s securities regulator to take full control of its Chinese mainland securities business.

The U.S. bank said Sunday that it would buy the remainder of Goldman Sachs Gao Hua Securities Company Ltd. (GSGH) and rename it as Goldman Sachs (China) Securities Co.

The migration of its onshore business units to GSGH from Beijing Gao Hua Securities was underway, it added.

“This marks the start of a new chapter for our China business following a successful 17-year joint venture,” Goldman Sachs said in a statement.

It becomes the second Wall Street firm in China to be granted approval to shift to full ownership of its securities business after JPMorgan Chase & Co. moved to 100 percent in August.

Securities businesses in China typically house investment banking, research, equities and fixed income businesses.

Unlike most of the other China joint ventures, Goldman had day-to-day operational control of its business even with its minority ownership.

Full ownership could allow foreign banks to expand their operations in the multi-trillion-dollar Chinese financial sector. (SD-Agencies)