Bank of America Taps New Africa, Benelux Investment Bank Leads

Bank of America Corp. has appointed veteran dealmakers Simbah Mutasa and Sjoerd van Hooijdonk to lead its Africa and Benelux franchises respectively, as the lender seeks to win a bigger share of corporate and investment banking business in the two regions.

Mutasa was already leading the investment bank for South Africa, the biggest economy in Africa, and will now be responsible for deal-making across the continent, according to an internal memo sent to employees and reviewed by Bloomberg.

“In his expanded leadership role, Simbah will drive the continued growth of our investment banking franchise across the African region,” Matt Cannon, head of EMEA investment banking, wrote.

The US lender also promoted Van Hooijdonk to lead the investment bank for the Benelux region, in addition to his role of heading the investment bank for the Netherlands, the note said.

Bank of America declined to comment on the appointments.

Read more: BofA Sees Strong African Deal Flow Despite Global Turmoil

The promotions increases the US bank’s focus on its long-term growth plans for its international business.

In Africa, demand for infrastructure financing, capital markets activity and cross-border advisory have been picking up, despite the conflict in the Middle East.

The continent, home to the fastest growing population in the world, is attracting investors seeking exposure to critical minerals, renewable energy, digital and fintech investments, as well as its expanding consumer markets.

In Africa, Bank of America recently acted as the joint placement agent on Dangote Fertilizer’s $750 million private placement and was among advisors on the sale of East African Breweries stakes to Japan’s Asahi Group.