US-based Goldman Sachs will exit transaction banking in Japan after announcing its entry plans less than a year ago.
Goldman Sachs is exiting transaction banking in Japan, according to a «Bloomberg» report citing a statement from a spokesperson.
«We are stepping back from building out this business here in Japan,» said Tokyo-based spokesperson Hiroko Matsumoto. «Consequently, we are closing Goldman Sachs Bank USA Tokyo Branch whose sole function was to support transaction banking in this market.»
2023 Announcement
This marks a sudden reversal after the US bank announced in April 2023 that it was planning to launch transaction banking services in Japan, which would be the first country in Asia that would have the offering. Separately, Goldman gained a license in 2021 from Japanese regulators for corporate cash management operations and has since begun offering services for overseas Japanese firms, including dollar settlements.
Meanwhile, the bank said it will remain focused on growing its transaction banking operations in the US, UK and European Union.
