Goldman Sachs intends to expand its presence in Germany

One of the largest investment banks in the world, Goldman Sachs Group Inc. plans to open a representative office in Munich to expand its presence in Germany and cooperate with German companies.

Informed sources write that Goldman intends to sign an agreement to lease an office on the most expensive street in Munich from the end of 2023. The investment bank's office will employ 50 employees, including bankers, who will be engaged in the technology, telecommunications and information sectors. 

In addition, the office's specialists will conduct the affairs of companies specializing in acquisitions, as well as deal with startups and family businesses. Employees of the personal banking and asset management departments will also be located in Munich.

Economists note that Munich is increasingly consolidating its position as a popular alternative to Germany's main financial center, Frankfurt, where Goldman already has several offices. 

In October, an office of the consulting company Lazard Ltd. was opened in Munich, which plans to deal with startups, among other things. Its competitor, Perella Weinberg Partners, also opened a representative office in the German city in 2020.

Goldman Sachs notes that the presence in Munich makes banks geographically closer to the largest German clients, including Allianz SE, BMW and Siemens AG, and a number of large private investment companies, such as EQT AB, Bain Capital and Partners Group Holding AG.