Bank of America (NYSE:BAC) announced it has promoted Andrea Orcel to president of emerging markets, with the exclusion of Asia.
Orcel, who was executive chairman of global banking and markets for the company, will retain the role in addition to the new duties.
There’s no question the future growth of banking will be in emerging markets, and with the acquisition of Merrill Lynch by Bank of America, they are now tapping into that asset to focus on investment banking and wealth management in those markets.
Merrill is particularly strong in this area, as they were far larger than Bank of America – when they were acquired by them – in connections to Asia, Africa, Europe, South America and the Middle East. That is a major factor for the giant bank going forward, and has positioned them for the future.
Without the acquisition of Merrill, BofA would have had a bleak future indeed, at least as far as growth goes.
Concerning Andrea Orcel’s role in this, Sally Krawcheck, president of global wealth and investment management, said this in a company memo, “Andrea’s senior leadership, extensive global management experience and client relationships will enable us to provide additional focus in these very important markets.”
Orcel was one of the largest deal-makers at Merrill before they were acquired, and worked on some of the major mergers of banks in Europe for the company. He has been with Merrill since 1992.
