Goldman Sachs is seeking a banking licence in SA, as part of an expansion of its business in the country. The Wall Street bank said on Wednesday that it would sell more core banking products such as fixed-income products, to clients in SA, in what it called a “vote of confidence” in the ability of President Cyril Ramaphosa to carry out difficult economic reform. Goldman has sold advisory and wealth management services in SA for several years. “We see tremendous opportunity to better serve local and global clients investing in South Africa and the wider region,” Goldman Sachs International CEO Richard Gnodde said. The bank is in the process of applying for the SA licence, people familiar with the application said. Goldman has also entered into a deal with investment bank Investec to expand equity trading in the region. The New York-based bank is battling a slump in core trading revenue and is seeking to tap new markets, such as investing in retail banking. It is also applying for a b...

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, Morningstar financial data, and digital access to the Sunday Times and Times Select.

Already subscribed? Simply sign in below.



Questions or problems? Email helpdesk@businesslive.co.za or call 0860 52 52 00.