Temasek has appointed former president of the World Bank Robert Zoellick to its board of directors, according to a statement from the Singaporean state investment firm.
Zoellick was president of the World Bank from July 2007 to June 2012. He also served in the US Government in various roles such as the US trade representative (2001 to 2005) and deputy secretary of state (2005-2006). He currently serves on the international advisory board of Rolls-Royce Group, which has a sizeable aircraft engine facility in Singapore, according to the statement.
The appointment is in effect from 15 August 2013.
“[Zoellick] brings a wealth of experience in international business, diplomacy and finance that will be both welcome and valuable on our board,” said Lim Boon Heng, chairman of Temasek, in the statement.
“His appointment to our board also comes at an opportune time, as Temasek sets out to establish its first US office in the near future. Bob’s insights will be especially helpful as we continue to explore opportunities in the US, Europe and also in the various growth markets.”
In July, Temasek said is increasing its investment capabilities in the US and Europe and setting up offices in New York and London.
The push into Western markets is also driven by the expectation of slowing growth in Asia, which Rohit Sipahimalani, co-head of investments, believes will become evident as interest rates rise, PEI reported earlier.