SINGAPORE/KUALA LUMPUR (Reuters) - Deutsche Bank AG (DBKGn.DE) has hired Goldman Sachs’s (GS.N) Malaysia head of corporate finance in a push to secure more business in one of the region’s more vibrant IPO markets, sources with knowledge of the matter told Reuters.
Yusof Yaacob will become head of corporate banking and securities for Deutsche Bank in Malaysia, one of the sources said. He will also act as Deutsche’s chief country officer for Malaysia.
Yusof, a former chief financial officer with Malaysian telco Axiata (AXIA.KL), is the latest hire for big investment banks looking to tap initial public offerings and corporate finance deals in Southeast Asia as activity in the region heats up.
Goldman Sachs has been the most successful foreign investment bank in Malaysia in the last two years, Thomson Reuters league table data show. In 2013, the U.S. bank took a 21 percent market share in Malaysia’s investment banking segment, double that of its nearest rival.
Last year, Goldman Sachs earned hundreds of millions of dollars from arranging debt offerings for a single Malaysian client, state fund 1MDB, IFR reported. Goldman Sachs declined to comment on the transaction.
Yusof is the second ex-Goldman banker to join Deutsche Bank in Southeast Asia in recent months, after the German bank hired Boon-Kee Tan as head of client coverage for the region last July.
In the same month Deutsche also poached UBS’s veteran head of investment banking in Thailand, Phumchai Kambhato.
Yusof, who has been with Goldman Sachs since 2010, resigned a couple of weeks ago, a second source told Reuters.
Deutsche Bank and Goldman Sachs declined to comment. The sources could not be named as the hiring has not been made public.
Reporting by Niluksi Koswanage, Saeed Azhar and Lawrence White; Editing by Ryan Woo