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October 23, 2012updated 04 Apr 2017 3:33pm

Goldman Sachs to open UK bank for HNW clients

Goldman Sachs’ commercial bank has filed an application to open a branch in London to lend to private clients.

By Elsa Buchanan

Goldman Sachs Bank USA has held a commercial banking licence since becoming a bank holding company in 2008 and filed an application for a new UK office with its local regulator, New York’s Department of Financial Services.

The application for "permission to open and occupy a branch office at 133 Fleet Street, London", Goldman’s current London headquarters, was received on 10 October and would give the bank a licence to operate in the UK.

According to its website, the FSA has yet to receive an application from Goldman Sachs for the new branch.

Boosting business with wealthy clients

The submission comes as Goldman Sachs’ boosts lending to wealthy clients and corporate customers seeking funding for acquisitions ranging from homes and private yachts to private businesses through its commercial banking unit.

According to the bank, boosting its lending to private clients will capture growing global wealth and increase its source of reliable revenues and access to deposits.

Retiring Goldman Sachs’s CFO, David Viniar, announced the bank’s strategy in July 2012 during Goldman Sach’s Q2 Earning call.

"We’ve always lent to our private wealth clients. Having the bank has just made that a more efficient and more profitable business, so we intend to continue to grow that slowly, as we have been," Viniar said.

Goldman Sachs’ investment management division, which includes Goldman’s private wealth management business, had $856bn assets under management as of October 2012, which represented a $20bn increase from July 2012.

Goldman Sachs spokesperson declined to comment.

 

Source: Private Banker International

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