Global Investment House, Kuwait’s biggest investment bank by market value, said on Wednesday it wants to start a financial services firm in Malaysia this year as part of an expansion plan.

Global is in talks with a partner in Malaysia to set up the firm in the fourth quarter, chief financial officer Sunny Bhatia said, declining to identify the partner or give further detail.

Global, whose second-quarter profit almost doubled, was expecting ’excellent’ profit in 2008 as it aims to double investment banking fee income this year from KD7.7 million in 2007, Bhatia told Reuters.

Global’s 2007 net profit was KD91.4 million. ’We are on track for growth...We are optimistic,’ he said. ’Investment banking is an area of focus for us and will remain so.’

Bhatia said Global was on track to start an investment bank in the UAE with local investment firm Al-Qudra Holding next year. The firm would also soon open a brokerage business in Saudi Arabia and move into Qatar next year.-Reuters