October 3, 2008 / 1:53 PM / 10 years ago

UPDATE 1-Goldman may buy deposits, banks in distress: CS

(Recasts, adds details)

Oct 3 (Reuters) - Goldman Sachs Group Inc (GS.N) may bid for deposits, possibly buy banks in distress situations, as part of its transition to a traditional bank holding company, Credit Suisse said in a note to clients.

Any such acquisitions would however be done on a smaller scale, analyst Susan Katzke said, noting the company’s historical bias towards organic growth.

“Goldman has historically been biased toward organic growth strategies; we expect that bias to be unchanged,” analyst Susan Katzke wrote in a note to clients.

Katzke recommended buying Goldman’s stock as a core financial services holding.

Shares of the company were trading up 2.8 percent at $135.22 in early trade on the New York Stock Exchange. (Reporting by Amiteshwar Singh in Bangalore, Editing by Dinesh Nair)

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