Bank of America taps Mutasa for Africa, van Hooijdonk for Benelux. The bank is targeting more mandates like Dangote's $750 million placement.
Alpha Score of 63 reflects moderate overall profile with moderate momentum, moderate value, moderate quality, weak sentiment.
Bank of America Corp. promoted Simbah Mutasa and Sjoerd van Hooijdonk to run its investment banking franchises in Africa and the Benelux region, part of an effort to win a larger share of corporate and advisory business in both markets.
Mutasa, who already oversaw the investment bank in South Africa, will now lead deal-making across the continent, according to an internal memo reviewed by Bloomberg. Van Hooijdonk takes on the Benelux franchise in addition to leading the investment bank in the Netherlands, the note said.
"In his expanded leadership role, Simbah will drive the continued growth of our investment banking franchise across the African region," Matt Cannon, head of EMEA investment banking, wrote in the memo.
Bank of America declined to comment on the appointments.
The promotions give the US lender dedicated management for two regions where it has been picking up mandates. In Africa, Bank of America recently served as joint placement agent on Dangote Fertilizer's $750 million private placement and advised on the sale of a stake in East African Breweries to Japan's Asahi Group.
Demand for infrastructure financing and cross-border advisory has been rising in Africa despite the conflict in the Middle East. The continent, home to the world's fastest-growing population, is drawing investors into critical minerals, renewable energy, digital finance and its expanding consumer markets.
AlphaScala gives Bank of America a Moderate score of 64 out of 100. More detail is on the BAC stock page.
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