Sources say Deutsche Bank hires Goldman Sachs Group Inc's Malaysia chairman for corporate finance

January 7
4:02 AM 2014

Citing four people with knowledge of the matter, Bloomberg reported that Deutsche Bank had engaged the services of Yusof Annuar Yaacob to serve as the country head of the German bank. Yusof Annuar is the Chairman for Corporate Finance of Goldman Sachs Group Inc in Malaysia, the report said.

One of the sources said Yusof Annuar will start fulfilling the functions of his new post as the Chief Country Officer and Head of Malaysian Corporate Banking and Securities of Deutsche Bank starting at from the end of February. The sources spoke on the condition of anonymity because the information is confidential. One of the sources said the nation's central bank already approved the appointment last week, the report said.

Bloomberg reported that Deutsch Bank is strengthening its presence in Southeast Asia as the region's economic growth has outperformed that of developed nations. Bloomberg data showed that last year, Deutsche Bank managed equity-linked deals amounting to MYR 208 million, making it sixth among foreign lenders in the country. The amount the Germany-based bank made represented about a quarter of the share of Goldman Sach, which ranked second place.

Yusof Annuar worked as the former Chief Financial Officer of Axiata Group Bhd, a Malaysian mobile phone firm before he joined Goldman in 2010. Goldman Sachs helped in managing some of the largest initial share sales in Malaysia in 2013. These include the offerings of Westports Holding Bhd and UMW Oil & Gas Corp, the report said.

A source also told Bloomberg that Goldman made about $500 million when it arranged three bond sales for 1Malaysia Development Bhd, a state-owned firm, in May last year.

Yusof Annuar is the newest key appointment made by Deutsche in Southeast Asia in the past year. The bank also hired another ex-Goldman employee, Tan Boon-Kee, as the region's Head of Client Coverage, the report said.

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