The Hong Kong Monetary Authority has granted a restricted banking licence to a wholly-owned unit of Goldman Sachs Group under the banking ordinance.
Go deeper with GlobalData
Access deeper industry intelligence
Experience unmatched clarity with a single platform that combines unique data, AI, and human expertise.
The US investment bank will be able to book its trades through this subsidiary Goldman Sachs Asia Pacific Company Limited (GSAPCL), reported Reuters.
The license will allow Goldman Sachs to take deposits of HK$500,000 ($64,495.32) and above, but is normally used for investment banking and capital markets activities.
The latest license will take the total number of restricted license banks in Hong Kong is 24.
The subsidiaries will enable bank’s customers to transact with local entities, rather than deal cross-border with the parent bank in another jurisdiction.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData
