Is SA Ready For Another Bank?
Goldman Sachs Group Get “Go Ahead” For SA Bank
This month the famous (or infamous, depending who you ask) Goldman Sachs Group have received the official ‘go ahead’ to open up a bank in SA.
Goldman Sachs are internationally known and have actually been busy in SA for over 20 years as wealth and asset management advisors. They are now looking to join others like Discovery Bank and Tyme Bank in moving fully into the SA banking space. Some people wonder if there is room for the Wall Street firm (see the picture of their world headquarters above) to successfully break into the SA retail banking market especially right on the heels of Discovery and TymeBank launching so recently.
The firm has also become members of the Johannesburg Stock Exchange in the interest rate and currency-derivatives market.
Where Others Fear To Tread
Other new banks like Bank Zero decided to hold back from a full launch late last year in view of several challenges and negative market factors. It is interesting to see this well known international brand (Goldman Sachs) are now ready to move into the SA market despite the looming Moodys downgrade and various other issues placing pressure on SA consumers (like Eskom rate hikes and rolling blackouts, minimal economic growth leading to massive retrenchments countrywide etc).