World News

Bank of America veteran deal-maker Boueiz resigns after 21 years: source

By Pamela Barbaglia

LONDON (Reuters) – Bank of America’s <BAC.N> seasoned deal-maker Wadih Boueiz has resigned after a career spanning 21 years, a source with knowledge of the matter told Reuters.

Boueiz, 43, was in charge of the bank’s global sovereign wealth funds and public pensions division.

Boueiz, known as Woody, started his career at Bank of America in New York in 1999 and then moved to London in 2007.

He made his name in the Middle East where he started working in 2011, advising the likes of Abu Dhabi National Oil Company (ADNOC) and Abu Dhabi Investment Authority (ADIA).

In a memo seen by Reuters, the bank’s co-heads of global investment banking Jack MacDonald and Thomas Sheehan told staff that Boueiz had decided to pursue opportunities outside the firm.

Boueiz was until last summer co-head of the bank’s corporate and investment banking business across the Middle East and North Africa with Hakim Karoui, focusing mostly on large investment banking clients, the source said.

He represented Saudi Arabia’s Public investment Fund (PIF) on the $69 billion sale of its 70% stake in Saudi Basic Industries Corp (SABIC) to oil giant Saudi Aramco.

Boueiz also worked closely with ADNOC on the sale of a 49% stake in its oil pipelines business to an investment consortium comprising BlackRock and KKR.

Bank of America declined to comment.

(Reporting By Pamela Barbaglia; Editing by Chris Reese and Jan Harvey)