(Yicai Global) Dec. 8 -- Goldman Sachs Group has moved another step closer to becoming the first Wall Street investment bank to take full control of its China securities joint venture.

Goldman Sachs has begun the process of acquiring the 49 percent of Goldman Sachs Gao Hua Securities that it does not already own, the China Securities Journal reported, citing a memo the New York-based firm sent to staff today.

Goldman Sachs said in March that the China Securities Regulatory Commission had given it the green light to raise its stake in the JV to 51 percent from 33 percent, after the country’s foreign ownership limits were eased. Todd Leland, co-president of Goldman Sachs Asia Pacific ex-Japan, said then that the firm would aim to buy the remainder as soon as possible.

“Goldman Sachs has always regarded China, the second-largest economy, as one of its long-term positioning destinations,” Cai Wei, co-head of Goldman Sachs's China investment banking division, told Yicai Global earlier.

“The US and other developed markets currently have limited room for growth, while China is a huge incremental market,” Cai added. “The need to invest ahead of time is obvious."

The JV was set up in 2004 with Beijing-based Gao Hua Securities.

Editor: Emmi Laine