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Goldman Sachs cleared to open bank in South Africa

Goldman Sachs Group Inc. has been granted a banking license by South African regulators, Bloomberg News reported.

The U.S. bank said it also became a member of South African stock exchange JSE Ltd.'s interest-rate and currency-derivatives market, allowing it to offer foreign exchange, fixed-income products and South African government securities to corporate and institutional investors, according to the report.

Goldman Sachs, which named Jonathan Penkin CEO of its South African business in December 2019, has been present in the country for more than 20 years, the news agency noted.