July 8 (Bloomberg) -- Macquarie Group Ltd., Australia's biggest investment bank, is stepping up a push to help Korean investors find U.S. targets after acquiring Giuliani Capital Advisors LLC last year.

``We have a real focus now on looking at Korea-U.S. cross- border transactions,'' John Walker, chairman of Macquarie's Korea unit, said in an interview yesterday in Seoul. ``We have a significant effort going into that -- buy America.''

The U.S. mortgage market collapse has pushed the world's largest economy to the brink of a recession, driving a 15 percent drop in the Standard & Poor's 500 Index this year. Asian financial companies and government funds have taken advantage of declining valuations to buy stakes in Citigroup Inc., Merrill Lynch & Co. and Morgan Stanley.

South Korean companies escaped the worst of the U.S. subprime mortgage implosion that triggered more than $400 billion in losses and writedowns at banks and brokerages worldwide.

Mirae Asset Financial Group, owner of South Korea' largest fund management firm, bought a 43-story office tower in downtown San Francisco in May. Korea Investment Corp., a sovereign wealth fund, invested $2 billion in Merrill Lynch in January.

Macquarie's acquisition of Giuliani Capital, an investment bank founded by former New York City Mayor Rudy Giuliani, has given it ``unprecedented access to mid-cap companies in the U.S.,'' Walker said.

Top Korea Adviser

Macquarie is looking for solar- and wind-energy projects along with property development opportunities, Walker said. The bank also aims to help Korean firms gain interests in resources and reserves overseas, he said.

The firm was the top adviser in deals involving Korean companies in the first half of 2008, accounting for 24 percent of transactions by value, according to Bloomberg data. It advised a partnership led by Kumho-Asiana Group on its 4.1 trillion-won ($4 billion) acquisition of Korea Express Co., the biggest merger announced in the country this year.

Macquarie started operations in South Korea in 2000 in the aftermath of the 1997-98 Asian financial crisis that forced the country to seek a $57 billion bailout led by the International Monetary Fund. The local unit, Macquarie Group of Companies, Korea, has grown to employ more than 400 people and has invested in assets worth A$20 billion ($19 billion).

The company teamed up with MBK Partners Ltd., a buyout fund, to buy control of South Korean cable-TV operator C&M Ltd. in March.

Macquarie has no plan to buy a brokerage or a bank in South Korea, but is open to partnering with local companies on acquisitions, Walker said.

``If a situation arises where there is a sensible investment opportunity that would arise from working with companies, we would obviously have an open mind,'' he said.

To contact the reporter on this story: Bomi Lim in Seoul at blim30@bloomberg.net

Last Updated: July 7, 2008 23:21 EDT