Goldman Sachs has reportedly postponed the launch of its consumer bank Marcus in Germany to next year.
According to The Financial Times report, the bank postponed the launch after the Brexit was delayed by six months reducing the urgency to set up a new EU base.
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The company initiated plans to launch Marcus in Germany last year. It was expected to coincide with Brexit, which was earlier scheduled.
However, the timeframe has now been revised to a later date, two sources familiar with the matter told the publication.
The Goldman Marcus platform was rolled out in 2016 to offer personal loans in the US. The platform was launched in the UK last year. The company also plans to roll out the platform in Japan.
Marcus is named after one of the original founders of Goldman Sachs 149 years ago, Marcus Goldman. In the US, the platform allows borrowers to apply for no-fee personal loans of up to $30,000 and pay it in two to six years. Interest rates on loans range from 6.99% to 23.99% APR.
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By GlobalDataAccording to the Goldman’s latest annual report, the deposit in Marcus has surged to $46bn with most coming from the US.
In the UK, where it offers savings services, the online retail bank has accumulated $10bn, the FT reported.
Now, Goldman plans to increase Marcus deposits by $10bn every year to strengthen consumer business.
