IDCBF - Goldman Sachs ICBC wealth management joint venture gets China approval

Goldman Sachs's (GS) proposed wealth management joint venture with Industrial & Commercial Bank of China (IDCBY) (IDCBF) receives Chinese regulators' approval, allowing the Wall Street firm entry into the country's growing financial sector, the Wall Street Journal reports.Under the JV, Goldman's asset management unit will own 51% with the remainder held by an ICBC wealth-management subsidiary.In the past few years, China has been allowing foreign banks to enter the potentially huge market.  In April, Reuters reported that Citigroup  plans to apply for investment banking licenses in China. In June 2020, JPMorgan Chase got the greenlight from China to operate a fully owned futures business in the world's second-largest economy.Goldman shares rise 0.4% in premarket trading.

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Goldman Sachs, ICBC wealth management joint venture gets China approval