John Thain, chief executive of Merrill Lynch, has said in Singapore that the region is still the "perfect match" for Merrill's strategy to become a top global wealth management and investment banking player, according to a report in the Straits Times. Singapore, China, India and Russia are among the fast-growing markets where he sees "great opportunities". Mr Thain, who has been in post since December 2007, has seen a moderate recovery after Merrill was almost brought down by huge US sub-prime-related losses. The shares were at a five-year low of just under $40 in mid-March but have since recovered to about $53. This is lower than the $59 level when Mr Thain took over, but above the $48 per share that Temasek Holdings, which owns and manages the Singapore government's direct investments, both locally and overseas, paid for its $5 billion stake. Mr Thain, who is in Singapore to meet the local banking regulator as well as clients and Merrill bank executives, added that the bank is focused intently on Asia. It is preparing to get a licence to run a wealth management business in China and was recently given the green light to start a similar operation in South Korea. Mr Thain said the 4,000 job cuts taking place across the group will occur mainly in the US and offices in Asia are unlikely to be affected.