Goldman Sachs may set up KL office

30-10-2007: Goldman Sachs may set up KL office
by Lim Shie-Lynn
Email us your feedback at fd@bizedge.com


KUALA LUMPUR: Goldman Sachs Group Inc, which has recently set up its offshore office in Labuan, is considering opening an office in Kuala Lumpur to tap the local capital markets here, its managing director and head of investment banking Singapore Tim Leissner said.

“Malaysia has been a good market for us and we are looking at the various possibilities (to have) a greater platform in Malaysia.

“When you compare (Malaysia) to other markets in Southeast Asia, it has a very developed capital market. There is a lot of liquidity and that will continue to drive business (here),” Leissner told reporters after a lunch briefing by Sunway Technology Sdn Bhd here yesterday.

On Islamic finance as the emerging asset class, Leissner said: “I think Malaysia has a competitive advantage (as) I think Islamic finance is going to be a huge business, (based on) the liquidity generated on a daily basis.”

According to Leissner, Malaysia, through its Malaysian-based Islamic product, can become a financial power by leveraging on its links to the Middle-Eastern markets.

“(With the Islamic) funds generated in the Middle East and Asia which is growing between 5% to 10%, I think a Malaysian-based product can link these two.

“I would love to see the international companies coming to tap the (Islamic finance) market in Malaysia,” Leissner said.

He added: “With regards to emerging asset classes, (Islamic Finance in Malaysia) is a smaller market on global markets compared to China, India and United States, but if you combine them as a whole it becomes a global asset class.”

Goldman Sachs, a global investment banking and securities firm, was appointed by EPF to manage the sale of its equity interest in RHB Capital Bhd. It is expected to meet the investment-banking firm over the next three to four weeks to deliberate on the parties interested to buy into RHB Capital.

source = http://www.theedgedaily.com/cms/content.jsp?id=com.tms.cms.article.Article_eee09177-cb73c03a-17ebe660-b1d55022