(Recasts, adds Asia hiring boom, deal volumes)
HONG KONG, July 11 Bank of America Corp
has appointed Mayank Saxena as head of its Southeast Asia
financial institutions group (FIG), the latest in a spurt of
investment bank hires in the financials sector amid a surge of
dealmaking in Asia by banks and insurers.
Saxena will report to Patrick Porritt, Bank of America
Merrill Lynch's new Asia Pacific FIG head, and to Southeast Asia
investment banking head Chris Gammons, the U.S. bank said in an
internal memo seen by Reuters on Friday.
The financials sector was Asia's busiest in both equity
raising and mergers activity in the first half of the year,
according to Thomson Reuters data.
Porritt was himself last month hired from UBS. Fierce demand
for investment bankers expert in advising financial clients has
triggered a string of such hires in Asia this year.
In the first half, the financials sector captured 17 percent
of equity issued with $14.9 billion raised, ahead of
industrials, while in M&A financials accounted for 21 percent of
announced deals, Thomson Reuters data showed.
Bank of America is advising Singapore's Oversea-Chinese
Banking Corp Ltd on its $5 billion acquisition of Wing
Hang Bank Ltd announced in April - the largest
Singapore cross-border FIG M&A since 2001.
Saxena was previously at Credit Suisse in Singapore, also
covering financial institutions in Southeast Asia. He will be
responsible for sourcing and executing investment banking deals
for financial institution clients in the region, the memo said.
A spokesperson for Bank of America Merrill Lynch in Hong
Kong declined to comment.
(Reporting by Lawrence White; Editing by Christopher Cushing)