Goldman Sachs Surrenders Irish Banking Permit After Five YearsJoe Brennan
Goldman Sachs Group Inc. is surrendering its Irish banking license following the sale of the company’s hedge fund administration unit, which operated in the country, to State Street Corp. last year.
“Our Irish business will continue to focus on serving the needs of clients through its financing business, securities offering, advisory and private wealth management businesses, as well as its suite of” Irish-domiciled Goldman Sachs Asset Management funds, the company said in an e-mailed response to questions.
“As these businesses do not require a banking license, our Irish business will operate as a branch of our European entity, Goldman Sachs International,” based in London, the company said.
Goldman Sachs advised the National Treasury Management Agency on the recapitalization of the nation’s lenders following stress tests in March 2010. Goldman Sachs Bank (Europe) Plc was granted the Irish banking permit in December 2007.