Goldman Sachs group announces Reserve Bank approval to open SA bank

The bank has been admitted as a member of the JSE's interest rate and currency derivatives market.

Goldman Sachs group announced on Monday that it had received approval from the South African Reserve Bank to conduct the business of a bank in the country. 

The multinational investment bank will open the Johannesburg branch of Goldman Sachs International Bank, and has been admitted as a member of the Johannesburg Stock Exchange’s interest rate and currency derivatives market. 

Among its offerings will be fixed-income products, including foreign exchange and South African government securities, to corporate and institutional investors. It stated that it has already executed its first transactions with clients. 

Towards the end of last year, the group appointed Jonathan Penkin to head up its Johannesburg office as part of its efforts to drive its sub-Saharan African expansion.