Securitizability.com

17 September 2003
LONDON - Bank of America today announced that it has appointed Alberto Piedra as Head of Financial Institutions Group (FIG) Corporate and Investment Banking (CIB) for Europe, Pierre Colin as Head of CIB for France/Benelux and Paul Mullins to the European Mergers & Acquisitions group.

"Over the past 18 months, we have achieved a great deal in the expansion of our European investment banking business and are making a very positive impression on Europe's premier companies. We are really building momentum and our three new colleagues will help us to achieve much more in future" said William Fall, President, International, Bank of America.

In recent months, Bank of America has provided strategic advice and innovative financing solutions for clients including Rémy Cointreau, Egg Banking, Vivendi Universal, Cadbury Schweppes and Adecco, as well as continuing to deepen relationships with its long-standing US clients.

Alberto Piedra joins Bank of America to head up the European Financial Institutions CIB Group. Working closely with the FIG group in New York, Piedra's role will be to enhance the advisory and capital raising dialogue with financial institutions clients in Europe and to provide additional support for our US based clients wishing to pursue investment banking related transactions in Europe. He will also seek to leverage recent successes which include lead mandates for a $1bln two tranche debt offering for Aegon and Egg Banking's £500m credit card securitisation. He will be based in London and will report jointly to William Fall, President, International and to George Johns and Tony Ursano, Co-Heads, Financial Institutions Group, New York.

Piedra most recently served as co-head of European Banking within the Financial Institutions Group at Goldman Sachs, where he had spent the past 16 years. In this time, he was responsible for over 50 transactions worth over $65bn in multiple sectors and countries. He gained extensive international experience working in roles and building teams in the US, Europe and Latin America.

Pierre Colin joins as head of Corporate and Investment Banking for France/Benelux and will be based in Paris. He will report to Shahzad Shahbaz, Regional Head of CIB. The bank has been present in Paris since 1956 and has expanded recently to provide a comprehensive corporate and investment banking platform for French clients. Colin's appointment will help expand the bank's client base in this market further still. Activities are focused on capital raising, US/European cross-border advisory and risk management and recent successes include the largest ever dual currency bond in European High Yield for Vivendi Universal (US$935mm and EUR325mm
respectively) and a landmark EUR175m high yield issue and EUR500m syndicated facility for Rémy Cointreau.

Colin was previously a Managing Director in French Client Coverage for JPMorgan Chase's Investment Banking group in Paris. He joined JPMorgan in 1992 and spent a total of 11 years with the firm and was with Dillon Read for six years before that. Colin has been responsible for more than 90 debt and equity capital raising, advisory and risk management transactions worth over $85bn. Colin spent the early part of his career in the French diplomatic service where he was a Commercial Attaché and then Counsellor in Paris, New York and Washington DC.

Paul Mullins joins the Mergers & Acquisitions group reporting to Tony Magro, Global Head of M&A and to William Fall, President, International. Based in London and working jointly with William Wells, he will be responsible for developing the bank's M&A business in Europe by working closely with the specialist industry groups and with the regional country bankers. A key part of the role will also be to leverage the strengths of the M&A group in New York to provide full cross-border expertise to the bank's international clients.

In his most recent position, Mullins was a Managing Director in M&A at Citigroup in London. He spent 18 years with Schroders and latterly Citigroup in a number of Corporate Finance & M&A roles and has extensive experience of cross-border transactions gained from working in London and in New York.

Bank of America continues to build European Debt platform

LONDON - Bank of America today announced seven new hires to its European Debt platform.

Nafees Akbarali joins Bank of America as a Senior Fixed Income Derivatives Trader responsible for sterling swaps and options books. He reports to Mike Duffy, head of European Swaps Trading.

Akbarali joins from WestLB where most recently he was responsible for trading the Sterling swaps and options books. He began his career with WestLB five years ago on the Euro options, and later the non-European options desks. Prior to this, Akbarali spent two years at WestMerchant Bank and his early career was spent at the Long Term Credit Bank of Japan and Deutsche Bank.

Gary Arndt joins Bank of America as head of Euro Commercial Paper (ECP) responsible for sales and trading. Additionally, he will work closely with Debt Capital Markets (DCM) for the origination of ECP programmes and European clients that are launching USCP programmes. Arndt reports jointly to Ian Harjette, head of European High Grade Debt Syndicate, and Steve Huntley, head of Global Commercial Paper, who is based in Charlotte.

Arndt joins from Nordea Bank (formerly Christiana Bank) where he spent eighteen years, most recently as Chief Dealer of Group Funding/Treasury. Prior to this, he was head of Treasury/Markets where he was responsible for all activities in both Interest Rate and FX products as well as the management of Bank of England liquidity requirements. Arndt also spent three years as a LIFFE Floor trader where he became a full Silver Badge trader within three months.

Gareth Davies joins Bank of America as a Structurer within the Structured Capital Markets group responsible for developing the structure of relevant products and pricing and assisting in the execution of client transactions and ensuring that all audit, legal and regulatory requirements are adhered to. He reports to David McNulty, European head of Global Structured Capital Markets.

Davies joins from Bear Stearns where he spent a year as a managing director of Debt Corporate Finance responsible for fixed income structuring. Prior to this, he was director at Credit Suisse First Boston, and before this spent a year as Finance Director of MyNewDeal. Davies also spent eight years at Credit Suisse Financial Products and he began his career at Ernst and Young.

Peter Doherty joins Bank of America as a Senior Credit Salesperson responsible for selling credit fixed income products into institutional investors in Scandinavia and Holland including cash corporate bonds, credit default swaps, structured credit products, asset backed securities and other fixed income products. He reports to David Lofts, head of European Institutional Credit Sales.

Doherty has 15 years of management and sales experience in fixed income with a proven track record of starting and developing businesses. He was most recently European head of Sales and Business Development at MarketAxess Europe Limited. Prior to this, he was a managing director at DCM-Online, and before this, spent four years as an associate director in Bear Stearns' Fixed Income Sales department. Doherty began his career as an executive director in Goldman Sachs Fixed Income Sales department.

Richard Savage has been appointed global head of Commodity Economics Research responsible for the research and analysis of Commodity economics and strategy. He reports to Greg Mulligan, head of EMEA Commodities Trading.

Savage was previously head of Banc of America Securities' European Energy Equity Research team. Prior to this, he spent a total of six years covering the oil and gas sector at Kleinwort Benson and Société Générale Securities, where he was number one rated by Reuters in small cap oils sector coverage. Savage spent nine years as a geologist in the oil industry.

Luc Sitbon joins Bank of America's EMEA Rates Marketing group responsible for derivatives marketing to French clients. He reports to Heinz-Peter Stohl, European head of Global Derivative Products Sales.

Sitbon joins from Royal Bank of Scotland where he spent six years most recently as director of Interest Rate Derivative Sales. Prior to this, he spent a year at Banque Nationale de Paris in London. Sitbon began his career at Renault Crédit International in Paris.

Steve Van der Stichele joins Bank of America's EMEA Rates Marketing group responsible for marketing derivatives to Benelux and French clients. He too reports to Heinz-Peter Stohl.

Van der Stichele joins from Merrill Lynch where he spent two years most recently as director of the Benelux Investment Banking and European Aerospace and Defence teams. Prior to this, he spent six years at Credit Suisse First Boston.

Bank of America enhances European Investment Banking platform

LONDON - Bank of America today announced that it has appointed Mark Oldcorn as Managing Director within the Financial Institutions Group (FIG) Corporate & Investment Banking (CIB) for Europe. Oldcorn will be based in London and will report to Alberto Piedra, head of FIG CIB for Europe.

"Mark's appointment reaffirms the bank's commitment to Europe through the growth of its investment banking business and in particular that of the Financial Institutions Group, which has been ear-marked as a key area of expansion this year," said Piedra. "His knowledge of the capital markets and derivatives will enhance our ability to deliver innovative financial solutions to our global financial institutions client base and will enable us to continue to deepen our relationships with new and long-standing clients alike."

Oldcorn joins Bank of America from Goldman Sachs where he was an Executive Director in the Financing Group leading the European insurance Debt Capital Markets effort for over three years and was involved in significant transactions for Prudential plc, The Standard Life Assurance Company, Royal & Sun Alliance, AGF and Axa SA. Most recently, he led a three-tranche, GBP1.6bn hybrid capital financing for Aviva plc in September 2003, which was named the Subordinated Financial Bond of the Year by International Financing Review (IFR).

Prior to serving at Goldman Sachs, Oldcorn was a Senior Credit Officer at Moody's Investors Service and the lead analyst responsible for UK and European life insurers and fixed income mutual funds. His previous experience includes two years as an Assistant Vice President in the Financial Institutions Group at the Bank of Boston and two years as a Banking Officer at Fleet Bank.

Bank of America strengthens European Investment Banking platform

LONDON - Bank of America today announced the recruitment of three bankers to its European Corporate and Investment Banking platform.

John Bigham has joined Bank of America's European Mergers & Acquisitions Group. He is responsible for assisting with the origination and execution of M&A business, working closely with Bank of America's specialist industry groups and regional country bankers. He reports to Paul Mullins, European head of M&A.

Bigham most recently spent eight years at Deutsche Bank. Latterly, he was based in Deutsche's Johannesburg office where he worked on a number of public transactions across a range of sectors and on several cross-border privatisation mandates. Prior to this, he worked in Deutsche's Hong Kong and London offices focusing on M&A and Equity Capital Markets transactions. Bigham began his career as a strategic management consultant with The LEK Partnership.

Anthony Fitzpatrick has joined Bank of America's London-based General Industrial Group (GIG) where he will lead the effort to expand coverage of European Chemicals corporate clients. He will work closely with the bank's US-based Chemicals team to pursue cross-border advisory and corporate finance activity and will also focus on the development of the group's financial sponsor-driven transaction flow in the chemicals industry. Fitzpatrick reports to Bill Parkerson, Global head of Chemicals, who is based in New York, and to Jay Allen, European head of GIG.

With more than 12 years of investment banking experience, Fitzpatrick joins from Goldman Sachs where he was a member of the Natural Resources Group focused on Chemicals. Most recently, he was with Goldman Sachs in London having previously been based in New York.

Jean-Noël Hénon has joined Bank of America's Paris-based Corporate and Investment Banking (CIB) Group with responsibility for building the bank's client base in the France/Benelux region. Working with the London M&A team, he will also have responsibility for developing this business in the region. Hénon reports to Pierre Colin, head of CIB for France/Benelux.

Hénon joins from Citigroup where he spent eight years, most recently as a coverage officer. Prior to this, he was a director focusing on origination and working closely with the Technology, Telecoms, Oilfield Services, Industrials and Healthcare teams.

Bank of America significantly enhances European Debt platform with five senior hires

LONDON - Bank of America today announced the appointments of five individuals to its European Debt platform as the bank continues to expand its Universal Bank strategy into Europe, with a focus on debt as the core competency.

Arrington Mixon, head of International Debt comments, "The appointment of these talented individuals is indicative of the strength and potential of our European debt business. I am excited about the future of our integrated investment banking growth strategy, extending a number of our US-based product competencies into a cohesive European platform which balances market presence and profitability."

Piyanjali (Piya) Abayaratna joins Bank of America's Global Structured Finance group with responsibility for originating and structuring Asset Backed Securities (ABS) transactions. She reports to Steven Gandy, European head of Global Structured Finance.

Abayaratna joins from BNP Paribas' Securitisation group where she was responsible for the origination, structuring and execution of asset backed securitisations in the UK and Ireland. Prior to this she was part of Royal Bank of Scotland's (RBS) Structured Finance team and before this, worked in the company's Power and Project Advisory groups. Abayaratna began her career in RBS's Investment Services group.

Iftikhar Ali joins Bank of America's Investment Grade Trading group as head of Credit Arbitrage Trading for Europe and Asia. He will be responsible for building out the bank's arbitrage trading capabilities for both single names and structured products. Ali reports to Alex Bernand, global head of Structured Credit Trading.

Ali joins from Citigroup's European Credit Derivatives team where he was responsible for all single name investment grade trading risk and for managing credit risk generated from synthetic CDOs. Prior to this he was an Asset Swap trader with IBJ International, and before this, a broker with Intercapital Bonds Limited.

Rommie Bhutani joins Bank of America to co-head Financial Sponsors/Leveraged Finance Origination with responsibility for sponsor coverage. Bhutani reports to Arrington Mixon, head of International Debt and to Eric Karp, global head of Financial Sponsors and Mike Meyer, global head of Leveraged Finance Debt Capital Markets, both of whom are based in New York.

Bhutani joins from Credit Suisse First Boston's (CSFB) Financial Sponsors group where he was a key member of the CSFB European coverage effort and coverage officer for many of the company's high profile clients. Prior to this he worked in Donaldson, Lufkin & Jenrette's European and US Financial Sponsors group.

Michael Coppock joins Bank of America's Debt Capital Markets group as head of Financial Institutions (FIG) Debt Capital Markets. FIG is a key sector for the bank and Coppock will be working closely with the FIG investment banking team as the bank develops a highly coordinated Debt and Corporate and Investment banking platform in Europe. As well as overall responsibility for this business, he will directly cover clients in the UK and Ireland. Coppock reports to JC Perrig, head of International Debt Capital Markets.

Coppock joins from Citigroup where he was head of UK Financial Institution Capital Markets and a key member of the coverage group responsible for marketing the full debt capital markets product suite to the UK client base. Prior to this, he worked in UK Debt Capital Markets at Dresdner Kleinwort Wasserstein. Coppock began his career at Royal Bank of Scotland.

Vincent Moge joins Bank of America's Credit Sales group as a Senior Salesperson. He will be focusing on all credit products including investment grade, credit default swaps, structured credit and high yield in French-speaking European countries. Moge reports to David Lofts, head of European Institutional Credit Sales.

Moge joins from CIBC's Fixed Income Sales group where he was responsible for fixed income sales into Continental Europe, primarily focused on higher margin fixed income products. Prior to this, he was a Senior Emerging Markets and High Yield Salesperson at ING and before this, head of Emerging Markets Sales and Research at Credit Lyonnais. Moge began his career at Banque Paribas in Paris.

Bank of America adds seven more to European Debt platform as part of continued growth strategy

LONDON - Bank of America's European growth strategy continues with the announcement today of a further seven hires to its debt platform, bringing the group's total number of hires this year to 40.

Arrington Mixon, head of International Debt comments, "Our strategy is to systematically build market share and profitability by hiring talent with extensive local product and regional expertise. The hires we're announcing today to our European sales, trading and origination businesses confirm this strategy. As we seek to build strong momentum in our client-facing businesses, I am confident they will further our market penetration with an increasingly wide set of clients."

Renzo Arcoria joins Bank of America's European Sales group as head of Southern Europe, Middle East and Eastern Europe Fixed Income Sales. Arcoria reports to Brian Heyworth, head of European Sales.

Arcoria joins from Bear Stearns where he was head of Southern European coverage selling credit derivative products to financial institutions and insurance companies. Prior to this, Arcoria worked at BCI, where his most recent position was senior director in credit derivatives with a focus on structured credit.

William Cumming joins Bank of America's Debt group as head of European Asset Backed Securities/Mortgage Backed Securities (ABS/MBS) Finance and Origination. Cumming reports to Arrington Mixon and to George Ellison, global head of Asset Securitisation, Finance and Origination, who is based in Charlotte.

Cumming joins after 12 years at Citigroup, his most recent position being in its Asset Backed Finance group where he was responsible for the origination, structuring and distribution of securitisation transactions. Prior to this, he was in Citicorp Securities' Real Estate Loan Trading group and before this, the Workout/Restructuring department at Citicorp Real Estate.

David Henness joins Bank of America's Swaps group as a senior Euro Swaps Trader. Henness reports to Mike Duffy, head of European Swaps Trading.

Henness joins from JP Morgan Chase where, most recently, he was a Yen Interest Rate Swap Trader in Asia. Prior to this, he was based at their Australia office as a Market Maker for Australian and New Zealand dollar swap and swap derivatives.

Benjamin Jacquard joins Bank of America's Structured Credit Trading group as head of Hybrids and Structured Transactions Credit Trading. He is responsible for diversifying the bank's strategy from core correlation products by developing correlation products on non-vanilla underlyings such as Asset Backed Securities and High Yield. He will also develop the bank's Structured Credit business on Interest Rate and Foreign Exchange Credit contingent products. Jacquard reports to Alex Bernand, global head of Structured Credit Trading.

Jacquard joins from Credit Agricole Indosuez where he was global head of Exotic Trading and Credit Structuring.

Cristina Nespoli joins Bank of America's European Sales group as a senior marketer for Southern Europe. Nespoli reports to Brian Zwerner, head of EMEA Rates and Global Structured Rates, and to Renzo Arcoria, head of Southern Europe, Middle East and Eastern Europe Fixed Income Sales.

Nespoli joins from Bear Stearns' Fixed Income Sales group where she was responsible for coverage of Italian financial institutions with a focus on interest rate derivatives.

Alexis Renard joins Bank of America's Structured Rates group as global head of European Medium Term Notes (EMTN) Trading and Origination. He is responsible for building the bank's EMTN platform and for providing value-added solutions to investor and issuer clients. Renard reports to Brian Zwerner, head of EMEA Rates and Global Structured Rates, and to Ian Harjette, head of European High Grade Debt Syndicate.

Renard joins from Goldman Sachs where he managed their EMTN business. He began his career at Goldman Sachs as an analyst in Debt Capital Markets covering France.

John Shue joins Bank of America's Global Rates group as a senior marketer for Austria and Germany. He reports to Brian Zwerner, head of EMEA Rates and Global Structured Rates.

Shue joins from UBS where he marketed customised and structured interest rate derivatives to German speaking clients.

Banc of America Securities announces the successful launch of £500 million securitisation of credit card receivables for Egg Banking plc

LONDON - Banc of America Securities, acting as joint lead manager and joint bookrunner, has successfully launched Pillar Funding Series 2004-1, a £500 million UK credit card master trust securitisation for Egg Banking plc.

Pillar Funding Series 2004-1 is the third public credit card securitisation for Egg Banking plc and the first global series. The Pillar Funding programme (Bloomberg ticker <MTGE PILLR>) is based on a portfolio of over 1.6 million prime quality credit card accounts.

Egg Banking plc is the world's largest pure online bank with over 3 million customers. The bank offers a wide range of retail banking products including credit cards, residential mortgages, personal loans and savings accounts. Egg Banking plc has been an authorised bank since 1996 and is regulated by the FSA. Egg Card (6% of the UK market) is one of the bank's main products and is positioned to attract prime credit quality customers.

Bank of America reinforces European commitment by adding five more bankers to the Corporate and Investment Banking platform

17 May 2004 LONDON - Bank of America today announced the recruitment of five more bankers to its European Corporate and Investment Banking (CIB) platform.

William Fall, President, International sees these new hires as a positive reinforcement of the bank's commitment to Europe, commenting: "We are adding to the number of bankers on our Corporate and Investment Banking platform in industries that present significant revenue opportunity. Through leveraging our US-based CIB and product expertise, we are expanding our strategic dialogue with our European clients and have seen evidence of this successful approach through recent deals."

Paul Aylieff joins Bank of America as co-head of Consumer and Retail CIB. Working closely with Andrew Dewing, current head of Consumer and Retail, he will help build Europe's advisory and capital raising business. Aylieff reports to William Fall and to Joel van Dusen, global head of Consumer and Retail CIB, who is based in New York.

Aylieff was previously at Merrill Lynch, where he was part of the European Consumer Products and Retail group. Recent transactions include the initial public offering of Burberry, the acquisition of Brake Brothers and the acquisition of Unilever's European Culinary Brands business. Prior to this he was a senior mergers and acquisitions (M&A) banker at Lehman Brothers, and before this, in Corporate Finance at Credit Suisse First Boston.

Ike Udechuku joins Bank of America's European Financial Institutions (FIG) CIB business with a focus on insurance coverage. He is based in London and reports to Alberto Piedra, head of European FIG CIB.

Udechuku joins from Deutsche Bank, where he was a director of European FIG focused on insurance acquisitions and capital raising opportunities. Prior to this he worked in the Corporate Strategy group at Align Technology, and before this, in the European FIG business at Morgan Stanley.

Michael Frieser joins Bank of America's European FIG CIB business in June, responsible for coverage in Germany. He will be based in London and will report to Alberto Piedra, head of European FIG CIB.

Frieser joins from Detter and Co. where he focused on FIG coverage. Prior to this he worked at Credit Suisse First Boston where he was involved in the coverage of German and Austrian FIG clients. Before this, Frieser was part of the German FIG business at Salomon Smith Barney.

Philippe Jacquemard joins Bank of America's European FIG CIB business in June, responsible for execution in the insurance and banking sectors. Jacquemard will be based in London and will report to Alberto Piedra, head of European FIG CIB.

Jacquemard joins from Fox-Pitt, Kelton where he was a senior vice president in the Corporate Finance group, responsible for marketing in Switzerland. He worked on or led M&A assignments for some of Europe's largest financial institutions including Swiss Re, Credit Suisse, Bâloise, Allianz and R&SA. Prior to this, Jacquemard worked in Investment Banking at Credit Suisse First Boston

Marco Rosenbaum joins Bank of America's Real Estate and Gaming CIB group. He is responsible for client coverage and deal execution for European real estate, lodging, gaming and leisure clients. Rosenbaum is based in London and reports to Simon Hampton, head of European Real Estate and Gaming.

Rosenbaum joins from Deutsche Bank, where he worked in the Hospitality and Leisure Investment Banking group. Most recently, he worked with Blackstone and Colony Capital on the sale of Savoy Group, and has also completed transactions for Accor, Hilton Group, Starwood and Rank. Prior to this, he worked at Skadden, Arps, Slate, Meagher and Flom with a focus on M&A.

Bank of America announces new European head of Asset Securitisation and Investment Grade Structuring and Trading

McLaughlin will remain head of GSP and will take on additional responsibility for the structuring and trading teams within EMEA Asset Securitisation and Investment Grade (ASIG). Regionally, he will report to Arrington Mixon, head of International Debt. Functionally he will report to US-based Charley McLendon, Global head of Investment Grade and Credit Derivatives, and George Ellison and Chris Hentemann, co-heads of Global Structured Finance.

Arrington Mixon sees McLaughlin's transfer as another positive step for the European business as he will bring significant product background and client development experience to the region's Debt platform. "The businesses reporting to Mike represent some of the most profitable in the European franchise, as well as those with the highest growth potential. Mike's experience and success in running Global Structured Products will assist us in realising synergies between these businesses and leveraging our resources in the US and Asia," said Mixon.

McLaughlin joins the European team after 11 years at Bank of America in the US. During his career with the bank, he has been responsible for various marketing and sales positions within the Global Derivative Product and Structured Credit Product groups. McLaughlin was promoted to head of GSP in January 2004.

Reporting to McLaughlin in London will be:

· Alex Bernand, Global head of Structured Credit and International Investment Grade Trading, jointly reporting to Dan Caldwell, Global co-head of Credit Trading.

· Alex Cha, European head of ABS Trading, jointly reporting to Rob Karr, Global head of Structured Product Trading

· Steven Gandy, European head of ABS Origination, jointly reporting to George Ellison, co-head of Global Structured Finance

· Ian Harjette, European head of Investment Grade Syndicate, jointly reporting to Jeff Kane, Global head of Investment Grade Syndicate

· David McNulty, European head of Capital Market Strategies, jointly reporting to Christopher Ellalasingham, Global head of Capital Market Strategies

The European GSP Structuring team and the European GSP Origination and Product Management team will continue to report to McLaughlin.

· Sal Amery, Asia head GSP, regionally reporting to Edwin Png, head of Debt, Japan and Greater China
· Dik Blewitt, US head of GSP Specialist Sales, jointly reporting to Mark Miller, Global head of Debt Sales
· Justin Dash, US head of GSP Origination and Product Management
· Allen Shifflet, US head of GSP Structuring

Alain Delelis and Robert Sinche Join Bank of America,
Strengthen Global FX Team

NEW YORK - Continuing its drive to be a leader in the global foreign exchange markets, Bank of America today announced it has hired Alain Delelis as head of global spot and emerging market trading and overall head of EMEA foreign exchange, and Robert Sinche as head of global foreign exchange research and strategy. Delelis, based in London, will report jointly to Christiane Mandell, global head of foreign exchange, and Arrington Mixon, head of international debt. Sinche, based in New York, will report to Mandell and David Goldman, global head of debt research.

“Alain and Bob are both highly regarded individuals, and their strong leadership will only accelerate the momentum we have already gained in the markets,” said Mandell. “Alain brings a proven track record for building businesses and will drive our reputation as a market maker of choice. At the same time, Bob will lead an initiative to provide world-class research and strategy for clients, which is central to building our footprint globally. I am delighted to have both Alain and Bob on board.”

A 15-year veteran of the markets, Delelis will be responsible for enhancing and expanding Bank of America‘s trading relationships and positioning the firm as a top liquidity provider globally. Delelis was most recently at Vega Asset Management where he was a senior fund manager specializing in foreign exchange. Prior to that Delelis was head of HSBC’s foreign exchange sales and trading for North America and led the team to a top ranked market position. Delelis also spent seven years at Deutsche Bank where, as co-head of FX trading in New York and head of global spot, he helped drive that firm to a market leading position. Delelis began his career as a trader at Citibank, first in Paris and later in London.

Sinche will oversee Bank of America's global foreign exchange research and strategy team and lead an effort to enhance the visibility and impact of Bank of America’s research product. Sinche joins Bank of America with over 25 years of experience in economic and financial market analysis and investment management. Most recently, Sinche spent six years at Citigroup as head of global currency strategy. Prior to that he spent a total of 12 years managing global fixed income portfolios at Alliance Capital Management, Prudential Investments and Simms Capital Management. Early in his career he was the chief economist at Bear Stearns. Commenting on Sinche’s expertise, David Goldman said, “Bob Sinche adds experience and vision to BAS’ global debt research franchise, and his contributions will have an important impact for all of our clients."

Since taking over management of the foreign exchange business in March of this year, Mandell has hired twelve individuals to the platform, including Delelis and Sinche. Other key hires include Scott Freeman, head of global foreign exchange electronic trading services, and Vincent De Lorenzo, global head of short term interest rate trading. “I am very proud of the team we have in place, and our new talent enhances our ability to take this business forward. We have an aggressive growth strategy in place and our focus now will be on carefully implementing that strategy.”

Arrington Mixon, head of International Debt sees these hires as a further demonstration of the bank's commitment to Europe: "We continue to expand our European debt platform by attracting individuals who have experience in bringing value to our key issuer and investor clients." Andrew McCourt has joined Bank of America's European Credit Trading group as head of Financial Institution Credit trading in Europe. Andrew's expertise will help the group develop its franchise in dealing with Financial Institution risks, which is a priority for the bank. He reports to Alex Bernand, Global head of Structured and International Investment Grade Trading. McCourt joined from Société Générale where he traded bank capital. Prior to this, he worked at Morgan Stanley focusing on European Corporate and Sovereign Investment Grade synthetic credit trading. Chris de Sibert has joined Bank of America's Global Foreign Exchange (GFX) Sales group as head of Southern European FX Sales. He is responsible for marketing the bank's FX capabilities to clients in Spain, Portugal, Greece and Italy. De Sibert reports to Kai Fisher, European head of GFX Sales for Corporates, and to Eric Ohayon, European head of GFX Structuring and Interbank Sales. De Sibert joined from Royal Bank of Scotland where he was Head of Iberian FX Sales. Prior to this he worked at National Westminster Bank as a senior corporate trader. Michele Ransley has joined Bank of America as head of High Yield Bond Sales. She reports to Peter Young, head of European High Yield and International Special Situations. Ransley joined from Dresdner Kleinwort Wasserstein's Fixed Income Sales group, where her most recent position was director of Hedge Fund Sales. Prior to this, she was a high yield secondary loan trader at The Fuji Bank, Ltd. Nik Dhanani has joined Bank of America's Capital Structuring group with responsibility for structuring and advising on bank and insurance hybrid capital products, and advising on corporates' capital and balance sheet issues. He reports to JC Perrig, head of International Debt Capital Markets. Dhanani joined from Citigroup's Fixed Income Capital Products group where he had primary responsibility for structuring and evaluating bank and corporate capital instruments Yassir Benjelloun has joined Bank of America's Global Structured Credit Trading group to help expand the structured credit trading franchise by developing credit volatility trading strategies. He reports to Iftikhar Ali, head of Credit Arbitrage. This group forms part of Global Structured Credit Trading which is run by Alex Bernand. Benjelloun joined from BNP Paribas where he was responsible for trading credit indices. Prior to this, he worked in BNP Paribas' Credit Arbitrage group.

Alain Delelis and Robert Sinche Join Bank of America, Strengthen Global FX Team NEW YORK - Continuing its drive to be a leader in the global foreign exchange markets, Bank of America today announced it has hired Alain Delelis as head of global spot and emerging market trading and overall head of EMEA foreign exchange, and Robert Sinche as head of global foreign exchange research and strategy. Delelis, based in London, will report jointly to Christiane Mandell, global head of foreign exchange, and Arrington Mixon, head of international debt. Sinche, based in New York, will report to Mandell and David Goldman, global head of debt research. "Alain and Bob are both highly regarded individuals, and their strong leadership will only accelerate the momentum we have already gained in the markets," said Mandell. "Alain brings a proven track record for building businesses and will drive our reputation as a market maker of choice. At the same time, Bob will lead an initiative to provide world-class research and strategy for clients, which is central to building our footprint globally. I am delighted to have both Alain and Bob on board." A 15-year veteran of the markets, Delelis will be responsible for enhancing and expanding Bank of Americaës trading relationships and positioning the firm as a top liquidity provider globally. Delelis was most recently at Vega Asset Management where he was a senior fund manager specializing in foreign exchange. Prior to that Delelis was head of HSBC's foreign exchange sales and trading for North America and led the team to a top ranked market position. Delelis also spent seven years at Deutsche Bank where, as co-head of FX trading in New York and head of global spot, he helped drive that firm to a market leading position. Delelis began his career as a trader at Citibank, first in Paris and later in London. Sinche will oversee Bank of America's global foreign exchange research and strategy team and lead an effort to enhance the visibility and impact of Bank of America's research product. Sinche joins Bank of America with over 25 years of experience in economic and financial market analysis and investment management. Most recently, Sinche spent six years at Citigroup as head of global currency strategy. Prior to that he spent a total of 12 years managing global fixed income portfolios at Alliance Capital Management, Prudential Investments and Simms Capital Management. Early in his career he was the chief economist at Bear Stearns. Commenting on Sinche's expertise, David Goldman said, "Bob Sinche adds experience and vision to BAS' global debt research franchise, and his contributions will have an important impact for all of our clients."" Since taking over management of the foreign exchange business in March of this year, Mandell has hired twelve individuals to the platform, including Delelis and Sinche. Other key hires include Scott Freeman, head of global foreign exchange electronic trading services, and Vincent De Lorenzo, global head of short term interest rate trading. "I am very proud of the team we have in place, and our new talent enhances our ability to take this business forward. We have an aggressive growth strategy in place and our focus now will be on carefully implementing that strategy."

LONDON - Bank of America announced today that Michael McLaughlin, head of Global Structured Products (GSP), based in Charlotte, is to relocate to London in August 2004 to assume European responsibilities. McLaughlin will remain head of GSP and will take on additional responsibility for the structuring and trading teams within EMEA Asset Securitisation and Investment Grade (ASIG). Regionally, he will report to Arrington Mixon, head of International Debt. Functionally he will report to US-based Charley McLendon, Global head of Investment Grade and Credit Derivatives, and George Ellison and Chris Hentemann, co-heads of Global Structured Finance. Arrington Mixon sees McLaughlin's transfer as another positive step for the European business as he will bring significant product background and client development experience to the region's Debt platform. ""The businesses reporting to Mike represent some of the most profitable in the European franchise, as well as those with the highest growth potential. Mike's experience and success in running Global Structured Products will assist us in realising synergies between these businesses and leveraging our resources in the US and Asia,"" said Mixon. McLaughlin joins the European team after 11 years at Bank of America in the US. During his career with the bank, he has been responsible for various marketing and sales positions within the Global Derivative Product and Structured Credit Product groups. McLaughlin was promoted to head of GSP in January 2004. Reporting to McLaughlin in London will be: - Alex Bernand, Global head of Structured Credit and International Investment Grade Trading, jointly reporting to Dan Caldwell, Global co-head of Credit Trading. - Alex Cha, European head of ABS Trading, jointly reporting to Rob Karr, Global head of Structured Product Trading - Steven Gandy, European head of ABS Origination, jointly reporting to George Ellison, co-head of Global Structured Finance - Ian Harjette, European head of Investment Grade Syndicate, jointly reporting to Jeff Kane, Global head of Investment Grade Syndicate - David McNulty, European head of Capital Market Strategies, jointly reporting to Christopher Ellalasingham, Global head of Capital Market Strategies The European GSP Structuring team and the European GSP Origination and Product Management team will continue to report to McLaughlin. The Global GSP team will continue to report to McLaughlin: - Sal Amery, Asia head GSP, regionally reporting to Edwin Png, head of Debt, Japan and Greater China - Dik Blewitt, US head of GSP Specialist Sales, jointly reporting to Mark Miller, Global head of Debt Sales - Justin Dash, US head of GSP Origination and Product Management - Allen Shifflet, US head of GSP Structuring

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Bank of America builds European Investment Banking with three senior hires