American investment bank Goldman Sachs is in talks with the wealth management arm of ICBC to launch a majority-owned joint venture (JV) in China.

According to Caixin, the US-based bank is looking for a 51% stake in the JV.

The talks are still at an early stage, said an unnamed source familiar with the issue.

The news comes shortly after it was reported that Goldman Sachs will increase its employee headcount in China by two-fold over the coming five years to 600.

Notably, in August 2019, Goldman Sachs reportedly submitted an application with the China Securities Regulatory Commission for a controlling stake in its local securities JV.

BlackRock and Temasek too, are in talks to launch China asset management business in alliance with China Construction Bank, Bloomberg reported last month.

With China opening up its local market to foreign players, several other major banking groups have also queued up to ramp up their presence in the market.

UBS reportedly intends to double the headcount at its China investment banking JV over the next three to four years.

Citigroup is also reportedly considering the option of establishing a wholly-owned securities unit in China.

Last month, JPMorgan Chase secured the final regulatory approval to set up its majority-owned China securities JV.