(Clarifies Loh's role) By Lawrence White
SINGAPORE, Oct 10 (Reuters) - Bank of America Corphas hired Loh Boon Chye, a Deutsche Bank AG veteran,as head of Asia Pacific global markets, according to an internalmemo obtained by Reuters.
The markets division that Loh will run comprises equities,fixed-income, currencies and commodities and Loh's appointmentmarks the first time Bank of America's global markets Asiabusiness has been managed by a single leader.
Loh at different times ran both the global markets and thecorporate and investment banking divisions at Deutsche Bank.Bank of America is seeking to improve cooperation between itsown equivalent units across the region with his hiring.
In addition to the title of head of Asia Pacific globalmarkets, a new role for the bank, Loh will be deputy presidentfor Asia Pacific and country executive for Singapore andSoutheast Asia, the memo said. He will start work in Decemberand will join the bank's executive committee for Asia Pacific.
A spokesman for Bank of America Merrill Lynch confirmed thecontents of the memo but declined to comment further.
Loh, a Singaporean known as one of the chief architects ofDeutsche Bank's Asia markets business, left in March after 17years at that firm.
Loh's appointment comes as Bank of America Merrill Lynch,like many of its peers in the industry, looks to reduce costsand increase the efficiency of its sales and trading businessesby integrating the fixed-income and equities divisions under thebanner of a single unified markets unit.
He is expected to take on the task of getting a unifiedmarkets group to liaise more effectively with the corporate andinvestment banking business, as falling revenues and tradingvolumes push investment banks in Asia to try to shrinkoperations and cross-sell products more effectively.
Loh was appointed Asia Pacific head of corporate andinvestment banking at Deutsche Bank in 2010, a title he helduntil his departure. He joined the firm in 1995 and in 2002became head of the global markets Asia unit that he helpedbuild.
Known for his close ties with the financial institutions ofhis home country, Loh began his career as an investment officerat the Monetary Authority of Singapore in 1989 and was anon-independent director of the Singapore Exchange from 2004 to2012.
(Editing by Matt Driskill)
Keywords: BOFA BOON CHYE/