Goldman Sachs Bank USA has confirmed that is has received approval to operate a private bank in the UK, following the bank’s expansion plans announced in October 2012.

In a filing with the UK’s Financial Conduct Authority, Goldman Sachs Bank USA - the US commercial banking unit - was granted the approval for its UK operation on March 21.

The new London-based branch will provide advice on investments, deposit-taking, dealing on an agency and principal basis, as well as the safeguarding and administration of assets, according to the FCA filing.

“We are pleased that the request has been approved. The bank's clients are global and it is important for a number of them to be able to transact with the bank in London," said a spokesperson at the firm.

Stephen Davies, who currently serves in the finance division of Goldman Sachs, is the UK branch manager, while Ralf Hafner, managing director within credit risk management and advisory at the bank, is head of risk for the branch. Rothesay Life will also hold a management role at the UK branch.

Goldman Sachs Bank USA currently has branches in New York, where the firm is based, as well as Boston, Dallas, Salt Lake City and Jersey City.