Bank of America to expand corporate banking platform

30 March 2010

Bank of America (BoFA) has announced it is to take on new staff across its global service as part of a strategy to expand its corporate banking division.

According to the financial institution, seven employees are to be added to the team.

The additions include Charles Alexander, Ivo Distelbrink and Tim Fleming in Hong Kong, Carole Berndt and Wayne Scott in London, Denise Menelly in New York and Percy Batliwalla in Singapore.

Ms Menelly will be appointed as chief operating officer for Global Treasury Sales while the Hong Kong-based staff will be working on the institution's Asia Pacific Global Treasury Services.

Paul Donofrio, head of Global Corporate Banking, said: “These significant hires will help drive the business forward and will enhance our ability to meet the dynamic corporate banking needs of our clients around the world.

"Corporate Banking is a core business for BoFA in the US and through our acquisition of Merrill Lynch, we gained access to hundreds of investment banking and global markets clients in EMEA and Asia to whom we can now provide a complete range of financial
solutions."

Meanwhile, the Charlotte Observer reported that BoFA will not have to pay federal income tax for 2009 due to making a loss.

By Jim Ottewill

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