CORRECTED - UPDATE 1-BofA hires corporate treasury chief from Citi

(Corrects second paragraph to reflect new position will be in global banking and markets division, not the global commercial bank unit)

* Bank creates role to oversee corporate treasury business

* Simpson joins BofA from Citigroup

* Hire is the latest in a push to expand corporate banking (Adds byline, Simpson's age, details on overseeing BofA's trade finance unit)

By Joe Rauch

CHARLOTTE, N.C., March 2 (Reuters) - Bank of America Corp (BAC.N) hired Paul Simpson from rival Citigroup Inc (C.N) to oversee treasury services for corporate customers, according to an internal memo obtained by Reuters on Wednesday.

BofA hired Simpson, 43, as head of global treasury solutions, a unit that helps large companies transfer money around the world. The newly created position will be in Bank of America's global banking and markets unit, under investment bank chief Thomas Montag.

A company spokesman confirmed the contents of the memo but declined to comment further.

Simpson, who will start in the new post in May, is currently head of treasury and trade solutions in Citigroup's global transaction services division.

He will also oversee the bank's trade finance business, which provides credit and cash management for companies conducting international trade.

In his new role, Simpson will report to Paul Donofrio, head of global corporate banking, but he will also be accountable to commercial bank chief David Darnell. (Reporting by Joe Rauch; Editing by Steve Orlofsky)