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BA out of the kitchen

BA out of the kitchen

(Asia) - Bank of America is closing its Asian investment banking business over the coming two months. Bank of America (BoA) is shutting down its Asian investment banking operation impacting on some 55 professionals in the bank's Hong Kong, Singapore and Bombay offices.

Investment banking at the Bank covered M&A, equity raising and general corporate advisory, but had not been successful in picking up the big ticket mandates such business needs.

According to Singapore based BoA Asia president Colm McCarthy the investment banking business represents only 2 percent of the Asian headcount and revenue - not a core business in the region.

Some investment banking headcount will be deployed in ongoing businesses - local debt capital markets and a new commodity finance and trading team, the move not being seen to have any affect on BoA's three core business lines in Asia - debt capital raising, global markets trading, and working capital management.

McCarthy has also been keen to note put that investment banking's closure in the region will not impact any of Bank's "high-priority clients".
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