September 23, 2009 / 9:40 AM / in 10 years

CORRECTED - CORRECTED-UPDATE 1-Goldman hires DB banker to head Gr.China Secu

(Removes reference to banking operations struggling in China in bullet point and paragraph 4)

* Goldman names Greater China Securities Head

* Zhang hired from Deutsche Bank

HONG KONG, Sept 23 (Reuters) - Goldman Sachs (GS.N) has hired Alan Zhang as a managing director and head of Greater China Securities, according to an internal memo obtained by Reuters.

Zhang joined from Deutsche Bank (DBKGn.DE) in Hong Kong where he was head of the Institutional Client Group, Debt and Equity for China and head of Global Markets Equity for China, the memo said.

In March, Goldman moved its co-head of Asia investment banking, Mark Machin, to Beijing to help the bank’s China business.

Goldman Sachs Gao Hua Securities is a joint venture between Goldman Sachs and Beijing Gao Hua Securities, offering investment banking services to domestic mainland China clients.

Beijing Gao Hua Securities is a domestic Chinese securities brokerage and proprietary trading business. Fang Fenglei, the chairman of Goldman Gao Hua, stepped down from day-to-day operations in 2007 to focus on his own China fund, Hopu.

While strong across Asia, Goldman’s stock underwriting and M&A adviser business in China has lagged competitors. (Reporting by Michael Flaherty; Editing by Jacqueline Wong)

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