Bank of America Corp. named Hans Lin and Roberto Correa Barbuti co-heads of the Merrill Lynch investment-banking unit in Brazil, a person familiar with the matter said.
Lin and Barbuti will take over from Alexandre Bettamio, who will remain country head and Brazil chief executive officer for Charlotte, North Carolina-based Bank of America, according to the person, who asked not to be named because the decisions haven’t been announced publicly.
Lin has been a managing director at Merrill Lynch since March 2008. Before that, he worked as a managing director at BTG Pactual. Barbuti, who was hired by Bank of America in August, was previously head of Banco Santander Brasil SA’s broker dealer.
Bank of America is the sixth-largest equity underwriter in Brazil this year, with $649.3 million in transactions, data compiled by Bloomberg show. It ranks fourth in advising on mergers and acquisitions, with $27.7 billion in transactions. The company has 5.3 billion reais ($3 billion) in assets in Brazil, according to the central bank’s website.
Bettamio became head of Brazilian investment banking for Merrill Lynch & Co. in March 2008 and has been CEO of the business since September 2008, the same month Bank of America agreed to buy Merrill Lynch. The company has since expanded the Brazil subsidiary into corporate banking. Bettamio previously served as co-head of investment banking in Brazil for UBS-Pactual.
A Bank of America official in Brazil declined to comment on the appointments.