BofA names Xavier as head of Brazil unit, replacing Bettamio

SAO PAULO, March 11 Tue Mar 11, 2014 5:01pm EDT

SAO PAULO, March 11 (Reuters) - Bank of America Corp named Rodrigo Xavier as chief executive of its Brazilian wholesale and investment banking unit, the bank's press office in the country said on Tuesday.

Xavier, a former head of UBS AG's Banco UBS Pactual SA investment banking unit in Brazil and founder of private equity firm Vinci Partners, will replace Alexandre Bettamio at Bank of America Merrill Lynch, the press office said, without elaborating. Bettamio was named in September as Bank of America's head of Latin American operations, based in New York.

Bettamio became head of Brazil investment banking for Merrill Lynch & Co in March 2008 and was made chief executive of the unit after Bank of America took over Merrill in September 2008. Under Bettamio, Bank of America Merrill Lynch expanded into corporate and wholesale banking, increased company coverage by more than 50 percent and became one of the top two equity underwriters in Brazil.

Xavier left Vinci Partners last year after a four-year stint as a partner and head of asset management, among other executive positions.

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