Goldman Sachs’ retail bank Marcus has entered into a partnership with Saga, a UK-based company offering financial services to elderly, to launch long-term saving products.

The two companies will work together to launch new savings products later this year. The move is expected to help Marcus in bolstering its footprint in the UK.

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Marcus, an online retail offering from Goldman Sachs, was launched in the UK last year. To date, the company has added more than 250,000 customers in the country.

Marcus global head Harit Talwar said: “We are excited to collaborate with brands such as Saga and to provide savings products to their customers.

“This partnership is an example of our ambition to bring our global scale and deep capabilities to meet a broad range of personal finance and investment needs.”

The partnership is expected to help Saga to improve its products and services. The scope of Saga’s services includes insurance, personal finance and holidays targeted for customers above 50 years of age.

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Commenting on the partnership, Saga CEO Lance Batchelor 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.”

Marcus was initially launched in the US in 2016. Gradually, Goldman Sachs revealed plans to expand the offering to Germany and Japan.

It offers consumer personal loans, savings and personal financial management services.