BofA relocating some Hong Kong dealmakers to Singapore, sources say

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Bank of America Corp. is relocating some of its dealmakers to Singapore from Hong Kong, source say. (PHOTO; Marc Fernandes/NurPhoto via Getty Images)
Bank of America Corp. is relocating some of its dealmakers to Singapore from Hong Kong, source say. (PHOTO; Marc Fernandes/NurPhoto via Getty Images)

By Vinicy Chan, Joyce Koh and Elffie Chew

(Bloomberg) — Bank of America Corp. is relocating some of its dealmakers to Singapore from Hong Kong, according to people with knowledge of the matter.

Dominic Tan, co-head of Asia consumer and retail investment banking, and Anastasios Pefanis, who helms equity capital markets in the region, are among those moving to Singapore, said the people, who asked not to be identified as the information is private. Tan and Pefanis will be in Singapore on a temporary basis, the people said.

Separately, John Lin, a director for mergers and acquisitions, is moving to the city-state to cover Southeast Asian deals, the people said. James Love, the current head of M&A for Southeast Asia, is returning to Australia, they added.

Hong Kong’s financial community is in the midst of an upheaval as the city’s pursuit of Zero Covid over the past two years has strained operations and dampened activity in the once-bustling city. Hong Kong has begun a slow path back to some sort of normality with gyms and sports facilities reopening and restaurants hosting diners until 10 p.m. In Singapore, the government aims to remove all Covid-19 tests for fully-vaccinated visitors “very soon” after dropping most restrictions.

Prior to joining BofA in 2020, Tan was with Morgan Stanley in Hong Kong and Goldman Sachs Group Inc. in Australia, according to his LinkedIn profile. Pefanis joined BofA in 2015, while Lin has been with the company since 2008.

A representative for BofA declined to comment.

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