Bank of America Merrill Lynch said Monday it is expanding its global transaction services business in Canada.
The firm says that the planned growth of this business will allow it to better serve its increasing base of clients doing business in Canada.
The business will be led by Hany Naguib, who will be responsible for directly overseeing the bank’s large corporate clients; and will include a team of treasury officers focused on serving small to middle market companies.
“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, the bank’s 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 notes that it is also continuing to make enhancements to its transaction banking products, such as the proprietary lockbox service.