Goldman Sachs in discussions to launch Marcus retail bank in Ireland
Goldman Sachs is reportedly in discussions to introduce its online retail banking service, Marcus, to the Irish market.
According to a report by Bloomberg News, the banking institution has engaged in preliminary conversations with regulatory bodies regarding the potential expansion of the Marcus brand into Ireland.
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While Goldman Sachs has indicated that Marcus will continue to concentrate on its operations in the US and the UK, the company is reportedly exploring opportunities for growth in new markets, with Germany also being considered as a possible next step.
Marcus was initially launched in the US in 2016 as part of Goldman Sachs’s strategy to enter the consumer banking sector, followed by its introduction in the UK in 2018.
The interest from international banks in the Irish market has increased, driven by rising profitability due to higher interest rates as well as a return to loan growth in a recovering economy after a prolonged period of contraction.
In January, Goldman Sachs announced the establishment of a Capital Solutions Group aimed at consolidating its financing, origination, structuring, and risk management services within its Global Banking & Markets division.
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By GlobalDataThe firm also stated plans to expand its alternatives investment team within its asset and wealth management sector, both initiatives intended to enhance service delivery to corporate and investor clients while fostering growth in private credit.
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