Goldman confirms formal sale of Metro metals warehousing unit

NEW YORK Tue May 20, 2014 12:59pm EDT

NEW YORK May 20 (Reuters) - Goldman Sachs has begun a formal process to sell the metals warehousing business it purchased four years ago, a spokesman said on Tuesday, confirming an earlier Reuters report.

"Metro is not strategic to our client activities, and the firm has concluded that this is the right time to explore a sale, given recent interest by potential buyers," the spokesman said in an email to Reuters. He said a "formal sales process" has begun. (Reporting by Josephine Mason, Editing by Franklin Paul)