Goldman Sachs starts to offer transaction bank services in UK

[LONDON] Goldman Sachs Group has begun offering cash management and treasury services in the UK as it builds out its new transaction-banking arm.

The bank plans to eventually offer payments in more than 125 currencies, deposit accounts, escrow services, liquidity solutions and payroll, it said in a statement Monday.

Since launching its transaction banking business in the US last June, Goldman has attracted more than 250 clients, taking on over US$35 billion in deposits and processing trillions of dollars through its systems, according to the statement.

The investment bank's expansion into moving money for large companies is part of an attempt to generate more stable revenue streams to complement its volatile - and expensive - trading and investment banking units. It agreed a partnership with Visa this month to enable corporate clients to send and track high-value payments to other businesses overseas.

The news was reported earlier by the Financial Times.

BLOOMBERG