Bank of America appoints Phil Carmalt as head of APAC GPS

Carmalt joins from DBS Hong Kong.

Bank of America (BofA) has named Phil Carmalt as head of Asia Pacific Global Payment Solutions (GPS) Product.

He will join BofA in late May and was most recently head of Cash & Trade Product at DBS Hong Kong.

He is tasked with leading BofA’s product management team to drive and execute the bank’s product strategy and vision for the region, across channels, cash and liquidity products.

Carmalt will also be part of the senior leadership team in GPS Asia Pacific.

Carmalt brings over 20 years of financial services experience in various roles across Hong Kong, Singapore and the United Kingdom. He has expertise in transaction banking developed from diverse roles across technology, program management, business management, product, client management, innovation and sales, across regional and global banks, according to BofA.

BofA has also appointed Gabriel Andrade as managing director and head of Global Payments Solutions for Mexico.

He brings over 30 years of management experience in the Mexican banking sector, most recently at Citibanamex where he held roles as head of Transaction Banking Sales, Cash Management Head for all businesses, Retail and Commercial Bank Payroll/Transaction Business Head.

He also previously served as COO, Mexico Anti-Money Laundering Office Head, and Transformation Office head for Citibanamex.