Bloomberg News

Goldman Sachs to Hold First Board Meeting in India This Month

March 12, 2012

Goldman Sachs Group Inc. (GS), the fifth-largest U.S. bank by assets, will hold a meeting of its board in India for the first time as it completes a series of trips to key developing markets.

The 12-member board, which typically holds a meeting every year outside the U.S., will travel to New Delhi and Mumbai this month, said Edward Naylor, a spokesman for the New York-based bank. Directors have previously convened in China, Russia, the Middle East and Brazil.

Chief Executive Officer Lloyd C. Blankfein, who is also chairman of the board, has made expansion in fast-growing markets like Brazil, Russia, India and China -- the so-called BRIC countries -- a priority. Goldman Sachs is hiring fastest in China, India and Brazil, Chief Operating Officer Gary D. Cohn, who is also a board member, said at a presentation to investors last year.

India native Lakshmi Mittal, the 61-year-old chairman and CEO of steel company ArcelorMittal (MT), has served on the Goldman Sachs board since 2008. He is the world’s 18th-richest person, with a fortune worth $22.8 billion, according to the Bloomberg Billionaires Index.

Goldman Sachs lost money in Asia last year for the first time since 2008 because of markdowns on the firm’s stock investments in the region, especially a $517 million pretax loss on the value of its stake in Industrial & Commercial Bank of China Ltd., the firm disclosed in a filing earlier this month.

The Times of India reported Goldman Sachs’s plans to hold a board meeting in the country earlier today, citing Sonjoy Chatterjee, chairman and co-CEO of Goldman Sachs India. Chatterjee, who joined Goldman Sachs from ICICI Bank Ltd. (ICICIBC), was named to his current role a year ago.

To contact the reporter on this story: Christine Harper in New York at charper@bloomberg.net

To contact the editor responsible for this story: David Scheer at dscheer@bloomberg.net.


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