Goldman signals China commitment
By Hu Xiaocen |
June 13, 2012, Wednesday
|
Print Edition
Print Edition
GOLDMAN Sachs yesterday became the first global investment bank to place its regional chairman in Beijing, showing a commitment to the world's second-biggest economy as it targets emerging markets to bolster expansion.
The investment bank announced in a statement Mark Schwartz's return as vice chairman of the group and chairman of its Asia-Pacific unit. Schwartz first joined the bank in 1979 and will again be on the management committee, where he served from 1999 until he left in 2001.
"Schwartz will be based in Beijing, underscoring the importance of China, and more broadly, the Asia-Pacific region, to the firm's overall business," Goldman said.
The bank also said the locating Schwartz in Beijing will bolster its Goldman Sachs Gao Hua business and enhance key corporate and government ties in the country.
Goldman was the first Wall Street bank to form a local securities venture in China. Its alliance with Beijing Gao Hua Securities since 2004 provided an advantage over its rivals who tapped the local market after ownership rules were tightened.
The investment bank announced in a statement Mark Schwartz's return as vice chairman of the group and chairman of its Asia-Pacific unit. Schwartz first joined the bank in 1979 and will again be on the management committee, where he served from 1999 until he left in 2001.
"Schwartz will be based in Beijing, underscoring the importance of China, and more broadly, the Asia-Pacific region, to the firm's overall business," Goldman said.
The bank also said the locating Schwartz in Beijing will bolster its Goldman Sachs Gao Hua business and enhance key corporate and government ties in the country.
Goldman was the first Wall Street bank to form a local securities venture in China. Its alliance with Beijing Gao Hua Securities since 2004 provided an advantage over its rivals who tapped the local market after ownership rules were tightened.
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