New Delhi / Mumbai: Global investment banker Goldman Sachs Group Inc. has applied for a commercial banking licence in the country, L. Brooks Entwistle, who runs the US company’s operations in India, said on Tuesday.
“We understand that process is a long one,” Entwistle said, without providing additional details.
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. Goldman Sachs ranked 16th in managing share sales in India over the last 12 months, lagging behind local and overseas rivals.