Goldman Sachs plans to acquire 100 per cent of its mainland Chinese joint venture, the latest global bank to seek full control of its business as Beijing further opens up the financial sector. The American investment bank signed a definitive agreement with its partner, Beijing Gao Hua Securities, to acquire the outstanding shares of Goldman Sachs Gao Hua it does not already own and began the formal process with regulators to take full ownership of the joint venture, according to an internal memorandum seen by the Post . “One hundred per cent ownership of our franchise on the mainland represents a significant commitment to and investment in China,” David Solomon, Goldman’s CEO; John Waldron, its chief operating officer; and Stephen Scherr, its chief financial officer, said in the memo. “This focuses on growing and strengthening our existing China businesses, expanding our addressable market and investing in talent and technology.” Goldman plans to rename the joint venture, Goldman Sachs (China) Securities Company, when it takes full ownership. The joint venture was started in 2004, but Goldman has operated in the Chinese capital markets since the 1990s. A Goldman Sachs spokesman confirmed the contents of the memo on Tuesday. Goldman and its Wall Street rival Morgan Stanley received approval from Chinese regulators in March to take 51 per cent majority stakes in their mainland businesses. Banks, insurers and asset managers are rushing to grab control of their joint ventures in China this year after Beijing relaxed rules on the foreign ownership of financial services firms, which came earlier than expected. Global financial services companies are eager to tap into rising incomes in the mainland, despite worsening relations between the United States and China in recent years. Credit Suisse took majority control of its joint venture in June, while JP Morgan Asset Management announced in April that they had reached a deal to take full control of its onshore asset management joint venture pending regulatory approval. JPMorgan Chase previously said it was targeting 100 per cent ownership of its operations . HSBC said in May that it planned to take 100 per cent control of its Chinese life insurance joint venture and, in August, said that it plans to hire between 2,000 and 3,000 wealth planners in China within the next four years as it looks to tap into growing incomes in the mainland, particularly in the Greater Bay Area . In September, Citigroup became the first American bank to r eceive a domestic fund custody licence after Chinese regulators tweaked the rules this year to further open up the country’s mutual funds sector. Vanguard, the world’s second-largest asset manager after BlackRock, said in August that it would close its Hong Kong and Japan offices and move its primary regional office to Shanghai as it shifts its focus in Asia to China. BlackRock received approval in August to set up its own wholly-owned mutual fund business in Shanghai.