Goldman Sachs Expands UK Transaction Bank
LONDON, June 21 (Reuters) – Goldman Sachs GS.N has launched its transaction bank in Britain, the company said on Monday, expanding its business after launching in the United States last year, as it seeks more stable sources of income beyond its bank of ‘investment.
The bank will offer UK businesses cash management services such as payment processing and payroll as it continues to grow in the country after launching its Marcus retail brand in 2018.
Goldman Sachs said its transactional banking business in the United States has attracted more than 250 customers since June of last year, collecting more than $ 35 billion in deposits and processing billions of dollars through its systems.
“The growth of this business has exceeded our estimates and we are very excited to offer transactional banking services in the UK in order to expand our customer base and streamline banking services for multinational companies present in the United States. and the UK, ”said Hari Moorthy, Goldman Transaction Manager. global director of the bank.
Goldman tries to compete with rivals such as Citigroup CN and JPMorgan JPM.N that offer a wider range of services to corporate clients. The bank hopes its digital cash management platform will attract customers currently using older systems at competing banks.
Britain is proving to be a popular location for US banking expansion, with JPMorgan gearing up to launch a digital bank in the country. Last week it bought UK roboadvisor Nutmeg, which will form the basis of its global retail digital wealth management offering.
(Reporting by Rachel Armstrong; Editing by Simon Cameron-Moore)
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