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Bankers have been waiting for so long for the chance to own the majority of their mainland Chinese securities businesses that many of them had pretty much given up.
Ever since Morgan Stanley bought in to the launch of CICC in 1995, and certainly since Goldman Sachs gained approval for its pioneering Goldman Sachs Gao Hua joint venture structure in 2004, western banks have waited and hoped for a pathway to control of their domestic securities operations.
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