BRANCH BANKING | Tony Chua, Australia

Bank of America eyes growth in Australia by developing tactics

Bank of America's Australian unit and Don Argus join forces to develop strategies for the bank's Australian operations.

Bank of America Corp’s Merrill Lynch division has established a new Australia advisory board which will be led by former BHP Billiton Ltd. chairman Don Argus, according to a WSJ Report.

Argus, a respected Australian business man, will work with Merrill Lynch’s country head for Australia, Craig Drummond, to “develop the strategic and tactical direction” of the bank’s business in Australia as well as to build client relationships.

Argus has also previously served as the chairman of Bambles Limited and served as the CEO for National Australia Bank Limited. Argus was a member of the international advisory committee to the New York Stock Exchange board of directors.

Since Bank of America Corp purchased Merrill Lynch during the great recession, the company has added staff and is building its presence in Australia. Drummond, who left Goldman Sachs Group Inc. last year before taking the helm at Bank of America Corp’s Merrill Lynch division, has stated that his goal for the firm is to become one of the three largest in Australia in the next five years.

View the full report in American Banking News.

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