Goldman Sachs opens bank branch in South Africa

Goldman Sachs Group received approval from the South African Reserve Bank to conduct the business of a bank in the country, it said.

It will open the Johannesburg branch of Goldman Sachs International Bank, and has been admitted as a member of the Johannesburg Stock Exchange's interest rate and currency derivatives market, it said in a statement Monday.

It will offer fixed-income products, including foreign exchange and South African government securities, to corporate and institutional investors, and has executed its first transactions with clients, it said.

In May, Goldman Sachs announced a cooperation agreement with Investec for equity trading in South Africa. 

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