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BofA replaces Korea IB head, country manager

Mar 18, 2021 (Gmt+09:00)

Cho Chanhee (on left), BofA's new Korea investment banking head and Shin Jin-wook (on right), BofA's new country manager for Korea
Cho Chanhee (on left), BofA's new Korea investment banking head and Shin Jin-wook (on right), BofA's new country manager for Korea

Bank of America Merrill Lynch (BofA) has named managing director Cho Chanhee as its South Korean investment banking head to replace Park SeungGu who had led the unit for eight years, according to banking sources on Mar. 18.
 
Park is now stepping down after serving as BofA's IB head and country manager in Korea since 2013.  As its new country executive for Korea, Shin Jin-wook, head of BofA's Korean banking operations, was appointed.

The incoming Cho, 44, is now the youngest head among global investment banks operating in the country. In 2018, he was promoted to managing director. Last year, his team and US colleagues advised Intel Corp. on the $9 billion sale of its NAND memory chip business to SK Hynix Inc., one of the largest cross-border deals for a South Korean company.

At BofA, Cho had also worked for MBK Partners on its divestment of Doosan TechPack Co. and the acquisition of Doosan Machine Tools Co.; Bain Capital's purchase of Hugel Inc., a Korean biopharmaceutical company; SK Telecom Co.'s acquisition of ADT Caps., a security service provider; SK Planet Co.'s disposal of a stake in the e-commerce platform 11 Street before spinning it off; and LG Electronics Inc.' sale of a water treatment unit.

With a bachelor's degree from Seoul National University's college of business administration, he received an MBA from the Wharton School.

In the 2020 M&A advisory league table in South Korea, BofA ranked fourth, trailing Credit Suisse and Citigroup.

By Ri-Ahn Kim

knra@hankyung.com 

Yeonhee Kim edited this article.

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