Goldman Sachs On A Hiring Binge For Dealmakers In Singapore

Goldman Sachs Group Inc. is hiring senior investment bankers in Singapore, according to people with knowledge of the matter, as the US lender looks to bolster its dealmaking capabilities in Southeast Asia, Elffie Chew and Joyce Koh reported for Bloomberg.

Photo Insert: Entrance to the Goldman Sachs tower in New Jersey

The firm has hired Chua Hui Yin from JPMorgan Chase & Co. to cover corporate finance and execution, as well as Oversea-Chinese Banking Corp.’s Andrew Teo for Singapore investment banking, the people said, asking not to be identified as the information isn’t public.

The bankers have resigned from their previous roles, the people said.

Goldman’s move to boost advisers in Singapore comes as dealmaking surges across the region. Southeast Asian companies have defied a global slump this year to raise $2.7 billion in initial public offerings (IPOs) this year, up 17.5% from the same period in 2021, according to data compiled by Bloomberg.

The field was led by Indonesia’s Goto Group which raised $1.1 billion. Last year’s biggest IPO in Southeast Asia was also by an e-commerce firm, as PT Bukalapak.com raised $1.5 billion in a Jakarta listing.

Srijith Nair joined Goldman last year as head of Southeast Asia financial institutions group from Barclays Plc, according to his LinkedIn profile. Andy Tai, who has been with Goldman for about 15 years, moved to Singapore from Hong Kong as head of Southeast Asia investment banking.

WEEKLY FEATURE : MVP Group Keeps Lights On During Pandemic