Bank of America Corp. named Julian Mylchreest as the sole head of its global power and energy banking business, days after he advised Royal Dutch Shell Plc on its $70 billion acquisition of BG Group Plc.
Mylchreest is taking the post after Laurie Coben, previously the co-head, decided to leave the firm after 21 years, according to an internal memo obtained by Bloomberg News. The memo’s contents were confirmed by a bank spokesman.
Shell said this month it agreed to buy smaller rival BG Group in the biggest oil and gas deal in at least a decade. Bank of America could reap as much as $65 million for its advisory role to Shell, according to estimates from Freeman & Co.
The U.S. lender also named Ray Wood as the global head of power investment banking, according to the memo last week from Karim Assef and Diego De Giorgi, co-heads of the global investment banking division. Wood will continue to report to Mylchreest.
Mylchreest will continue to be based in London and report to Assef and De Giorgi, as well as Bob Elfring, head of corporate and investment banking for Europe, Middle East and Africa.