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Arshad Ghafur takes up his new role as the US executive for the Bank of America's (BofA) Middle East and North Africa (MENA) unit.
Merrill Lynch, the wealth management division of the American bank, hired the former employee of Japanese financial holding company Nomura Holdings, Inc. on December 6.
Ghafur replaces Phil Southwell, who left BofA following an overhaul of its regional banking operations.
The bank has been making targeted hires to fill internal and external positions in the Gulf Arab region with renewed focus on revenue generation. "There are still some good business opportunities in the region, whether it be the sovereigns or the corporates and the bank wants to leverage that with its network and the size of its balance sheet," a knowledgeable source told Reuters.