(22 April 2025 – Global) Bank of America has expanded its leadership team within Global Payments Solutions (GPS) with two senior appointments in Asia Pacific and Latin America, reinforcing its commitment to enhancing regional capabilities.
Phil Carmalt has been appointed Head of GPS Product for Asia Pacific, and will be based in Hong Kong. He is set to join the firm in late May 2025. Carmalt will report jointly to Greg Kavanaugh, Head of GPS Product, and Winnie Chen, Head of APAC GPS. He will oversee product management and lead the execution of GPS’s product strategy across the region, including responsibilities across channels, cash and liquidity solutions. Carmalt will also serve as a member of the GPS senior leadership team for Asia Pacific.
Bringing more than two decades of financial services experience, Carmalt has worked across major financial centres including Hong Kong, Singapore, and the United Kingdom. His career spans roles in technology, programme and business management, product development, client engagement, innovation, and sales at both regional and global financial institutions. Most recently, he was Head of Cash and Trade Product at DBS Hong Kong.
In Mexico, Gabriel Andrade has been appointed Managing Director and Head of GPS. Based in Mexico City, Andrade joined Bank of America in late February 2025 and reports to Annali Duarte, Head of GPS for Latin America. In addition, he is part of the country leadership team, reporting to Emilio Romano, Country Executive for Mexico.
Andrade is tasked with leading the GPS business in Mexico, focusing on advancing the firm’s strategy across payments and receivables, liquidity management, as well as trade and supply chain finance.
These appointments come as Bank of America continues to enhance its GPS capabilities globally, aiming to meet the evolving needs of corporate clients across complex, cross-border environments.