Bank of America Taps Pauli as Asia Pacific Capital Markets Chief

(Bloomberg) — Bank of America Corp. has promoted Thorsten Pauli to lead the bank’s Asia Pacific Global Capital Markets unit, adding to a flurry of changes in the region.

Pauli, a seasoned IPO banker who joined the bank from UBS Group AG, will relocate to Hong Kong in the coming months to join the bank’s leadership teams in the region, according to a memo reviewed by Bloomberg News. A spokesperson for Bank of America declined to comment.

Olof Engelbrekts, who is currently head of the company’s investment banking business in Switzerland, will succeed Pauli as Swiss chief, according to the memo. Bank of America’s Swiss business has more than doubled in recent years to over 60 people, following the meltdown of Credit Suisse.

The bank, which has been operating in Switzerland since 1951, has worked on some of the country’s biggest deals. Those include ABB Ltd.’s $5.4 billion sale of its robotics division to SoftBank Group Corp. and a 2.6 billion Swiss franc secondary share sale by pharma company Galderma Group AG.

Pauli brings “over two decades of deep capital markets expertise from previous roles spanning both Europe and Asia while Olof brings to his new position extensive experience working with Swiss clients,” the memo said.

The promotion for Pauli follows the retirement of Matthew Basler. He will report to Lisa Clyde and Sarang Gadkari, Bank of America’s co-heads of global capital markets.

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