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Goldman eyes local banking licence to grow ultrarich lending business

Primrose Riordan
Primrose RiordanSenior Reporter

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Goldman Sachs is considering applying for a local banking licence to extend a broader suite of lending products to its ultra-high net worth clients in Australia, the bank’s co-head of global private wealth management, John Mallory, says.

The Wall Street investment banking giant’s local private wealth team currently includes some 13 advisers in Sydney and Melbourne. In an interview, Mr Mallory said there were “limits on what we can do from a lending perspective today”.

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Primrose Riordan covers private companies and family offices from the AFR's Sydney newsroom. Primrose was previously a correspondent for the Financial Times and covered foreign affairs and politics in Canberra. Primrose has won multiple awards for her journalism including from The National Press Club, SABEW in the US and Press Gazette in the UK. Message Primrose on Signal: https://tinyurl.com/PrimroseSignal Connect with Primrose on Facebook and Twitter. Email Primrose at primrose.riordan@afr.com

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    Original URL: https://www.afr.com/companies/financial-services/goldman-eyes-local-banking-licence-to-grow-ultrarich-lending-business-20240419-p5fl4e