Goldman Sachs applies for India banking licence: report
24 Mar 2010
US investment banking major Goldman Sachs, keen to set up a bank in India, has approached the Reserve Bank of India (RBI) for a licence.
''We have applied for a commercial bank licence. Our file is in now,'' Brooks Entwistle, chief executive officer and managing director of Goldman Sachs for India, was quoted as saying by The Telegraph news paper.
He was speaking on the sidelines of a conference organised by the O P Jindal University in New Delhi.
Goldman Sachs currently offers investment banking and research services in India. A commercial banking licence would enable it to set up branches and offer retail and wholesale banking services in the country.
"We understand that the process is a long one. We are committed to, when that process comes through, if it does, to continue our business in the appropriate way. But the important thing is to set up a business," the Financial Express quoted Entwistle as saying.
Goldman Sachs already has a license for asset management business.
''We had this plan of launching an asset management company (AMC) for a long time but were not able to execute it. We intend to launch our management business in the next 12 months and we have already obtained the licence for it,'' Entwistle said.
