Goldman Sachs said in talks for Irish launch of its retail banking unit

In recent months, Goldman Sachs (NYSE:GS) has held early-stage discussions with regulators about bringing its retail bank Marcus to Ireland, eyeing an opening in a market dominated by just a handful of major players, according to a Tuesday media report.

A European push would mark a big shift for Goldman’s (NYSE:GS) consumer business, which was overhauled in 2022 after heavy losses and now leans on its deposit arm for growth, thanks to its appeal of relatively higher savings rates.

Another possible market is Germany, where Goldman (GS) previously aimed to launch in 2019, Bloomberg reported, citing people familiar with the matter.

Marcus was rolled out in the U.S. in 2016, anchoring Goldman’s (GS) broader push into consumer banking that later proved unsuccessful.

“We remain focused on that business in the US and UK and are exploring our options for future growth areas,” a Goldman representative told Bloomberg.

Ireland is a favorable market for Goldman (GS), the people added, with the financial crisis having cleared out many foreign rivals, leaving just three main banks and a few fintechs, the article said.