Bank of America Merrill Lynch Expands Transaction Services Offering in Canada
Targeted Client Teams, Product Enhancements Build on 50 Years Canadian History
NEW YORK--(BUSINESS WIRE)-- Bank of America Merrill Lynch today announced the expansion of its Global Transaction Services (GTS) business in Canada. The planned growth maps onto the firm's increasing base of clients doing business in Canada and will enable BofA Merrill to better serve and meet the needs of those clients.
The GTS team will be led by Hany Naguib, who brings over 30 years of experience in the Canadian market. Naguib will be responsible for driving overall GTS growth, leadership across the GTS team and acting as senior GTS representative to the market, in addition to directly overseeing the bank's large corporate clients. BofA Merrill's Canadian-based team will also include a dedicated team of treasury officers focused on serving small to middle market companies, to be led by Katie Simpson in Toronto. Other key Canadian-based GTS leaders include Maureen Jarvis, product management; Susan Aparicio, operations; and Alan Keast, technology.
"We are well positioned to be a leading provider of banking services in Canada," said Paul Simpson, head of Global Transaction Services. "We offer GTS products that are market-leading, combining local service that is fully integrated with our global operations and a complete product suite which is increasingly important to Canadian clients."
BofA Merrill is the largest global financial institution in Canada. The firm has been active in Canada for more than 50 years.
"The enhancement of our GTS business is just the latest example of our firm's focus on helping our clients conduct business in Canada," said Adam Howard, Canada country executive. "We are a diversified wholesale financial institution in Canada, providing investment and corporate banking services, as well as global markets products, to our clients."
The firm is continuing to make enhancements to its market-leading suite of transaction banking products such as the proprietary lockbox service, introduced last year and recently enhanced with scannable processing.
BofA Merrill offers its Canadian GTS clients:
- Commitment, market leadership and comprehensive solutions through integrated channels designed for seamless Canadian and worldwide execution.
- A broad array of banking capabilities that includes credit, trade finance, investment banking and foreign exchange.
- Powerful North America treasury transaction services, from liquidity and investment solutions to integrated card and trade finance to payments and receivables with in-house lockbox.
- Local client teams that provide on-the-ground expertise, focused attention and strategic insight; and experienced Global Business Solutions advisors to drive treasury and business transformations for clients across Canada.
- To the Canadian Payment Association's payment channels including the Large Value Transfer System for sizeable time sensitive transactions and the Automated Clearing Settlement Services for low value electronic and check payments.
- Through CashPro® Online, its award-winning client portal, to view, analyze and manage capital and working capital needs.
- With highly integrated platforms for managing Canadian liquidity and investments, foreign exchange and payments, and combined commercial card and ePayables programs.
- Convenient servicing and fulfillment through its Canada Servicing Centre of Excellence.
- Documentation facilitated by Global Treasury Terms and Conditions, and International Account Agreements.
- Service through a single point of contact, global implementation and responsive delivery.
"We are focused and totally committed to meeting the needs of our Canadian and global clients," said Naguib. Katie Simpson added "We continue to invest in our people and our solutions in Canada - now, more than ever."
Bank of America
Bank of America is one of the world's largest financial institutions, serving individual consumers, small- and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. We serve approximately 52 million consumer and small business relationships with approximately 5,400 retail banking offices and approximately 16,300 ATMs and award-winning online banking with 30 million active users. Bank of America is among the world's leading wealth management companies and is a global leader in corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 3 million small business owners through a suite of innovative, easy-to-use online products and services. The company serves clients through operations in more than 40 countries. Bank of America Corporation stock (NYS: BAC) is a component of the Dow Jones Industrial Average and is listed on the New York Stock Exchange.
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Reporters May Contact:
Will Wilson, Bank of America Merrill Lynch, 1.980.388.3360
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