Goldman Sachs Group Inc hired China-focused banker Bill Chu to its investment banking team in the country, betting on increased activity as companies in the world’s second-largest economy gear up for a resumption of overseas deals.
Based in Beijing, Chu will be a managing director in the China Investment Banking Services (IBS) team, according to an internal memo seen by Reuters on Monday. He was previously with Deutsche Bank for 10 years, most recently as head of Asia Consumer and Retail and before that as head of China Power and Utility.
Goldman confirmed the contents of the memo but declined to comment further. The New York-based firm said it could be making further hires in China.
“Bill’s appointment is part of our focus on strategic hires as we concentrate our resources on the anticipated growth in China corporate activity over the medium and long-term. We look forward to making additional announcements in due course,” Goldman said in the memo.
Goldman was the top adviser of mergers and acquisitions in Asia ex-Japan in the first half of 2017, Thomson Reuters data showed.
Deal activity in the region dropped 15 percent in the period, as overseas deals by Chinese companies – the engine of M&A activity in Asia – sank 49 percent because of Beijing’s crackdown on capital outflows and closer scrutiny of acquisitive conglomerates.