(Bloomberg) -- Goldman Sachs Group has started a European lending business for its wealth-management clients and is seeking a $5 billion loan book within three years.

The service, reported by the Financial Times newspaper earlier, is available to Goldman Sachs’s 1,700 customers in Europe, the Middle East and Africa this month, according to Sophie Ramsay, a company spokeswoman in London, who confirmed the contents of the report by telephone. Secured loans will be provided for items such as tax payments and expensive purchases.

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