goldman sachs and morgan Stanley received final approval to increase their shareholdings in their China securities joint ventures to 51% only a few days before ownership limits were finally scrapped altogether. The two US firms became the fifth and sixth foreign banks to receive final sign-off to hold a majority stake in their JVs. Goldman is raising its stake in its JV from 33% to 51% and Morgan Stanley from 49% to 51%, the banks said on March 27. Foreign banks have lobbied to be given greater control over the JVs ever since Goldman set up the first Sino-foreign securities JV in 2004 in a deal with veteran Chinese banker Fang Fenglei. Goldman, unusually, already has day-to-day operational control, despite its minority position.
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