Bank of America announced in Israel this week that it is to open a representative office of Bank of America International Ltd (BAIL) which will represent Banc of America Securities LLC (BAS) in Tel Aviv. The office will be headed by Kapil Chadda, Bank of America manager for Israel.
The move marks a new phase in the development of the bank’s investment and commercial banking business in Israel. Bank of America has been active in the market for some years, acting on behalf of major Israeli companies, local subsidiaries of multinational corporations, financial institutions and government entities.
“Israel’s burgeoning technology sector will provide a special focus for us, but our physical presence in Israel will help us serve the needs of our traditional clients more effectively,” said Shahzad Shahbaz, head of Emerging Markets for Bank of America in Europe, Middle East & Africa.
Israel’s technology companies have the potential for high rates of growth and international expansion, said Banc of America Securities Barry Newman.
Shahbaz was in Tel Aviv for the announcement, together with Paul Dorfman for the Global Corporate & Investment Bank; Alexandra McLeod, head of Corporate Banking in Europe, Middle East & Africa; and Barry Newman, head of Technology Corporate & Investment Banking at Banc of America Securities LLC.
Chadda will seek opportunities to assist technology companies with initial public offerings, mergers and acquisitions and equity private placements.
BAIL is a UK bank based in London. London is the regional centre for Bank of America operations in Europe, the Middle East and Africa, employing 1,500 in all across 15 countries and 20 cities. Bank of America provides a range of services in London, including foreign exchange, derivative products, debt capital raising, cash management, leasing and business credit.
In the US, BAS is an arranger of public and private equity for companies of all sizes, financial institutions and government agencies. With principal offices in San Francisco, New York and Charlotte, BAS employs more than 4,000 associates in the US and, with affiliates, offers capabilities worldwide. Tel Aviv will be the first international office for Banc of America Securities.
Bank of America Corporation, with $656 billion in assets, is the holding company for the largest bank in the United States.