GS Bank USA Announces Launch of New Online Securities-Based Loan Request Platform GS SelectJuly 27, 2017
GS Bank USA announced that it is launching a new online platform where eligible customers can apply for securities-based loans from GS Bank. The platform, called Goldman Sachs Private Bank Select™ (GS Select), will make loans of $75,000 to $25 million using borrowers' investment portfolios as collateral. GS Select reduces the processing time for a loan by digitizing the loan origination process. The platform combines proprietary technology with personalized support from a dedicated team of lending managers to streamline the borrowing process.
In connection with the launch of GS Select, GS Bank announced a strategic relationship with Fidelity Investment's clearing and custody business to offer loans through GS Select to eligible customers of brokerages and wealth management firms on the Fidelity system. GS Bank expects to enter into additional strategic relationships with other financial institutions in the future.
The S&C team advising Goldman Sachs in connection with GS Select was led by Robert Reeder, Jared Fishman, Adrienne Bradley and Chenjing Shen. Frederick Wertheim and Tracey Russell advising on broker dealer matters, Nader Mousavi advising on intellectual property matters, and Rebecca Simmons and Ari Blaut advising on UCC-related matters.