Hogan Lovells leads on launch of UK first for Goldman Sachs with online savings bank, Marcus

Hogan Lovells has advised long-standing financial institutions client Goldman Sachs on its entry into the UK market with the launch of its first UK retail savings bank.

Marcus by Goldman Sachs, named after co-founder Marcus Goldman, is an online-only digital bank aimed at the consumer market, a growing focus for Goldman Sachs.

Launched to the UK public today with an easy access, high interest rate, online savings account; in addition to high-yield online savings accounts, Marcus plans to offer no-fee, fixed-rate unsecured personal loans, including home improvement loans, and certificates of deposit in a variety of terms.

Hogan Lovells market-leading retail banking team, part of the firm’s wider financial institutions sector team, has advised since July 2016 on the structure of the bank and its products, working on implementation alongside the firm's recently launched consulting arm – Hogan Lovells Financial Services Regulatory Consulting.

The team was led by London financial institutions partner Jonathan Chertkow, with senior associate Oli Irons and associates Elizabeth Greaves and Sophie Brammer. Partner John Salmon assisted on technology and IT aspects, and Director of Hogan Lovells Financial Services Regulatory Consulting Steve Murphy and Senior Business Consultant Lisa Davey on policy implementation.

Commenting, Jonathan Chertkow said:

"This is an important milestone in the growth of our client Goldman Sachs' consumer business and an exciting time to be entering the UK market. Marcus will give customers more choice and flexibility in an increasingly consumer-driven market as it aims to help them achieve financial well-being. With our established reputation and experience advising in the retail banking and FinTech spaces, including other UK digital only banks, and our seamless offering with Hogan Lovells Financial Services Regulatory Consulting; we have been able to innovate from inception to implementation to make launch a reality."

Other advisers to Goldman Sachs include Ashurst.

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