Goldman Sachs' efforts to build its presence in Asia advanced yesterday as it announced plans to establish an onshore investment banking and securities firm in India and sealed a strategic tie-up with Industrial & Commercial Bank of China.

Its tie-up with ICBC, in which Goldman led a $3.78bn (€3.1bn) investment last year, comes a week after it emerged that the US bank would not play a role in the Chinese bank's $10bn flotation.