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August 9, 2013

Goldman to Sell Majority Stake in European Insurance Business

“Goldman Sachs Group Inc. said Thursday it would probably sell a majority stake in its European insurance unit in the next 12 months, adding to the assets slated to exit from the Wall Street firm as it adapts to stiffer capital rules.

The business, called Rothesay Life, had $9.66 billion in assets as of June, Goldman said in a regulatory filing. Goldman founded Rothesay in 2007 to focus on the U.K. pension market.

The decision comes as Goldman and its rivals continue to adjust to a spate of new rules imposed on the industry since the financial crisis.

Regulators have pushed the world’s biggest banks to set aside more capital to cover potential losses and have made it costlier to hold on to their investments in other financial companies. The rules have forced the banks to make tough choices.”

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Read full Wall Street Journal article here

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