Goldman Sachs is plotting to take full control over third-ranked investment-banking market in Asia by buying out its Australian partners.

Sachs, chief executive of a US investment bank, owns 45 per cent of Goldman Sachs & Partners Australia Group Holdings Pty (GS&P) after buying JBWere in 2003.

Sachs’ Wall Street firm seeks to buy the remaining 55 percent of the company, needing approval from 75 percent of its shareholders who are the current and former managers and employees of the company.

Although Sachs did not disclose the details of the proposal, the Australian Financial Review reported that the offer values the entire business at between A$800 million ($835 million) and A$1.2 billion.

Lloyd Blankfein, the chairman and chief executive of Goldman Sachs, explained, "Australia and New Zealand represent an important part of our growth strategy. This investment emphasizes our desire to continue to strengthen our Australasian client franchise."

According to data compiled by Bloomberg, Goldman Sachs & Partners’ local office in Melbourne, which also has branches in Sydney and Auckland, fell to fifth among arrangers of takeovers involving Australian companies last year from the top place in 2009.

“As trading income and fees plummeted, profit at the unit last year declined,” it said in an annual report sent to Bloomberg News yesterday.

Simon Rothery, co-chief executive of Goldman Sachs & Partners, in an interview said the move to full ownership by Goldman Sachs was a "natural progression for the business”.

"Full incorporation of the resources and potencies of Goldman Sachs and GS&P will further enhance the capabilities we bring to our clients and provide additional opportunities for our people," furthered co-CEO Stephen Fitzgerald.

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