Goldman Sachs Bank USA, the bank’s U.S. commercial banking unit, has received Financial Conduct Authority (FCA) approval to provide private banking services to its clients in the UK.
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The UK entity has been authorised by the FCA to carry out several functions such as deposit-taking, advising on investments, dealing on an agency and principal basis, and the safeguarding and administration of assets.
"We are pleased that the request has been approved," said Sophie Bullock, a spokesperson at Goldman Sachs. "The bank’s clients are global and it is important for a number of them to be able to transact with the bank in London."
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By GlobalDataIn a previous article, PBI explained the bank’s strategy to boost lending to private clients in order to capture growing global wealth and increase its source of reliable revenues and access to deposits.
Goldman Sachs Bank USA has held a commercial banking licence since becoming a bank holding company in 2008 after the collapse of Lehman Brothers.
It filed an application on 10 October 2012 for "permission to open and occupy a branch office at 133 Fleet Street, London", Goldman’s current London headquarters.
Stephen Davies, currently within the finance division of Goldman Sachs, is reported to be the UK entity’s branch manager.
The bank reported first-quarter profit of $2.26bn with a 7.2% rise year-on-year, beating analysts’ estimations.
