Britain’s Saga links up with Goldman to tap over-50s savings

June 11, 2019

LONDON (Reuters) – Saga, the British tourism and insurance firm for the over-50s, said on Tuesday it ways teaming up with Goldman Sachs on savings products, as part of a drive to revive its bottom line after a profit warning in April.

Saga said it was one of several initiatives aimed at returning the company to its “heritage of delivering high quality products and services to its customers”.

The company lowered its profit forecast in April, warning older Britons were cutting back on their travel plans because of uncertainty over Brexit. It was also facing margin pressure in its insurance business and cut its dividend, knocking its shares.

Marcus, Goldman’s retail banking foray, was launched in Britain in September 2018 and has attracted 250,000 customers, Saga said.

“We know that our customers hold a large proportion of their wealth in savings and want to know that they’re getting a great return with a brand they can trust,” said Saga Chief Executive Lance Batchelor in a statement.

(Reporting by Huw Jones; Editing by Mark Potter)

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