State investor Temasek has announced its decision to open a new office in Paris, which will be operational in the first half of 2023.
It said that the new office will strengthen Temasek’s global network and access across the broader Europe, Middle East, and Africa (EMEA) region.
After the opening of the Paris office, it will have a total of 13 offices across nine countries.
This decision comes not long after Temasek wrote down its full S$377 million (US$275 million) investment in the cryptocurrency exchange FTX.
In a statement on Tuesday (29 Nov), Temasek revealed that its new Paris office will begin operations in the first half of 2023.
Source: Reuters
This decision is part of its 2030 strategy to expand its global network, said Dilhan Pillay, Executive Director and Chief Executive Officer of Temasek Holdings.
Part of the strategy includes building a strong portfolio and growing the organisation, talent, and capabilities with sustainability at the core, he added.
Mr Pillay emphasised that establishing a global network is important to help address issues such as geopolitical tensions and climate change.
Temasek’s Paris office will work closely with its other offices in London and Brussels. This will further enhance the company’s presence and access to opportunities in EMEA.
It will also utilise the sector team’s expertise and the network of portfolio companies and platforms.
Uwe Krueger, Temasek’s Head of EMEA and Head of Industrials, Business Services, Energy & Resources, noted that this move “reflects the continuing importance of EMEA as an investment destination”.
According to Mr Krueger, Temasek sees potential for new investments in the region, which they believe will help address global challenges.
The opportunities are in line with these four structural trends:
These factors guide Temasek’s investment focus.
Earlier this month, Temasek announced that it had invested S$377 million (US$275 million) in FTX.
However, the cryptocurrency collapsed and the company decided to write down the investment.
Temasek also assured investors that it would remain cautious as it explores more opportunities.
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Featured image adapted from Financial Times & Juan Ordonez on Unsplash, for illustration purposes only.
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