Goldman Sachs is to launch an online retail bank in the UK this September.
The investment bank had already launched a retail banking brand, named Marcus after the founder of the company, in the US in 2016.
According to FTAdviser's sister title the Financial Times, the US operation has grown deposits to $20bn (£15.5bn) to date, and loaned out $3bn (£2.33bn).
Accounts in the UK online bank will be available to Goldman's roughly 6,000 UK employees from today (23 August), and to the general public from September.
The UK venture is the first offshore subsidiary of Marcus though the company does intend to launch the bank in other markets in future.
In the US, data provider Moneyfacts said, the interest rates offered on accounts held in the Marcus bank are attractive when compared with the average high street bank.
Ian Gordon, banks analyst at Investec, said the the new bank deserves the same classification as all other challenger banks.
He did not wish to comment specifically on the merits of the new launch from Goldman Sachs, but said challenger banks had so far 'barely made a dent' in the market when compared with the market position of incumbent large banks.
david.thorpe@ft.com
