Bank of America has signalled its intentions for a push into the European funds market by setting up a new branch in Luxembourg.
It was reported on Reuters earlier this week the group was hiring Benoit Nevouet to be the new branch’s manager, poaching him from BNP Paribas. Bank of America said in the Reuters story it intended to bring across existing clients from a partner bank in the country, before looking to bring more onboard. It also indicated it was looking to bring on ‘around 100 entities per month’.
Fernando Vicario, CEO of Bank of America Europe DAC, said in a statement: “This announcement marks a significant milestone for businesses in the region. Many multi-national companies have chosen Luxembourg as a European hub for their activities and we are proud to support business opportunities and responsible growth in this important financial centre.”
According to his LinkedIn profile, Nevouet is moving to Bank of America after a career at BGL BNP Paribas where his most recent role was head of transaction banking. Nevouet began working for the firm in 1997 as assistant to the CIO.
Bank of America has meanwhile taken third place in Financial News’ latest investment banking league tables in Europe, the Middle East and Africa (EMEA). This, said the paper, was the highest placing the financial giant had managed in a decade.
“Last year, JPMorgan captured 7.6% of the wallet in EMEA, with Goldman Sachs taking 6.8% and Bank of America 4.6%, according to Dealogic,” reported Financial News. “Bank of America’s position in EMEA fulfils an ambition put in place five years ago by Matthew Koder, the bank’s president of global corporate and investment banking, who is pushing dealmakers for a top-three finish within every product and geography in which the bank operates.”