US Bank Hires Senior Bankers Amid Regional Surge in IPOs
Goldman Sachs Group is actively strengthening its investment banking team in Singapore to capitalise on increasing deal activity in South-east Asia, sources revealed.
Key Hires from Major Firms
The bank has recruited Chua Hui Yin from JPMorgan Chase & Co to oversee corporate finance and execution, along with Andrew Teo from Oversea-Chinese Banking Corporation (OCBC) for its Singapore investment banking division. Both individuals have resigned from their previous roles, though neither they nor their new employers have commented on the developments. An OCBC spokesperson confirmed Teo’s resignation.
Driving Growth Amid Regional Momentum
Goldman’s efforts align with a broader uptick in South-east Asian dealmaking. The region’s firms have collectively raised US$2.7 billion in initial public offerings (IPOs) so far this year, marking a 17.5% increase compared to the same period in 2021, Bloomberg data shows. Indonesia’s Goto Group led the charge with a US$1.1 billion IPO, while Bukalapak.com hosted South-east Asia’s largest IPO of 2021, raising US$1.5 billion.
Leadership Changes at Goldman Sachs
The firm continues to attract experienced professionals to bolster its regional presence. Last year, Srijith Nair joined as head of the South-east Asia financial institutions group from Barclays. Andy Tai, a Goldman veteran of 15 years, recently transitioned from Hong Kong to Singapore to lead South-east Asia investment banking.
Strong Performance in Asia
Goldman Sachs currently ranks third in Asia for mergers and acquisitions, having advised on deals worth US$80.9 billion this year. It also holds fifth place for equity offerings in the region (excluding Japan), according to Bloomberg data.
The strategic hires and leadership reshuffle signal Goldman’s commitment to expanding its influence in one of the most dynamic regions for investment banking.
