The bank, which is in the midst of a sweeping overhaul and drive to win more clients to counter falling revenue, said on Wednesday the expansion would see it offer products including foreign exchange and government bonds.
JOHANNESBURG - Goldman Sachs is seeking a South African banking licence as part of plans to offer fixed income products in the country, sources and the Wall Street investment bank said, beefing up its African operations as global rivals scale back.
Credit Suisse closed its South African business last year during the country’s first recession since 2009. Years of alleged corruption and mismanagement have knocked confidence in the continent’s most industrialised economy, which is still struggling for growth. Goldman is grappling with a slump in revenue and has been trying to expand its client base by selling more of its core banking products.
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