Goldman Sachs (NYSE:GS) recently announced it is expanding Transaction Banking (TxB) to the European Union.
Originally launched in the US in 2020 and expanded to the UK in 2021, this growth will deepen Goldman Sachs’ relationships “with existing clients who have banking needs in the EU and allow us to serve new clients across the Continent.”
Starting with a new location in Frankfurt, and with plans to expand to Amsterdam, TxB will serve clients’ treasury needs, “including deposits and payments into over 160 countries in more than 120 currencies.”
TxB’s cloud-based global platform “provides clients with visibility into their accounts, payments, and liquidity positions across currencies and countries.”
To date, TxB has “attracted more than 400 clients, accepted over $65 billion in deposits, and processed trillions of dollars through its systems.”
Hari Moorthy, global head of TxB, added:
“We are excited to bring the Goldman Sachs Transaction Banking experience to clients with treasury needs in the European Union. We understand the challenges of running a complex global treasury operation, and built our platform to be nimble, secure and easy-to-use to support clients as they run and grow their businesses.”
For more than three decades, Goldman Sachs has “offered capital markets, transaction advisory, financing and trading services in Europe, and this expansion increases the breadth of the firm’s offering.”
As noted in the update, Goldman Sachs Transaction Banking, through Goldman Sachs Bank USA and its affiliates, is “a modern, digital-first, and cloud-based business helping clients build the future of their treasury.”
The business combines “the strength, heritage, and expertise of a 150-year-old firm with the agility and entrepreneurial spirit of a tech start-up.”
The Goldman Sachs Group, Inc. is a global financial institution that “delivers a broad range of financial services across investment banking, securities, investment management and consumer banking to a large and diversified client base that includes corporations, financial institutions, governments, and individuals.”
Founded in 1869, the firm is headquartered in New York and “maintains offices in all major financial centers around the world.”