By Jennifer Hughes and Alun John
HONG KONG (Reuters) - Goldman Sachs
The bank submitted an application with the China Securities Regulatory Commission (CSRC) on Monday to take its stake in Goldman Sachs Gao Hua Securities to 51% - the maximum permitted - from its current 33% holding.
A spokesman for the bank confirmed the filing, which was first reported by Bloomberg.
Western banks' lack of control over the JVs, along with their limited contribution to revenues, have long been a source of frustration for foreign banks in China.
Management control would allow foreign banks to offer more services through their JVs and potentially leverage their global networks to win China market share, bankers have said.
Unlike most of the other joint ventures, Goldman Sachs already has day-to-day operational control of its joint venture, which offers investment banking services such as equities and bond underwriting and deal advice.
Despite that managerial control, Goldman has long made it clear it would eventually seek to take a majority stake too.
Under the new agreement submitted to regulators, the securities sales, trading and research operations that currently sit in the business of its partner, Beijing Gao Hua Securities, will be folded into the joint venture.
Beijing Gao Hua is controlled by veteran Chinese banker Fang Fenglei.
Goldman's move to go to 51% follows similar actions by many of its rivals following a relaxation of the rules in late 2017.
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(Reporting by Jennifer Hughes and Alun John; Additional reporting by Julie Zhu; editing by Darren Schuettler)