UK – Bank of America has made five new hires as part of its drive to develop its debt capabilities in Europe.

The build-up of the debt team in London is designed to increase its presence in a market area where it is underweight. It sees a growing demand for these debt products developed within the investment banking arm to be distributed to the institutional investor client base.

Piya Abayaratna joins the global structured finance group from BNP Paribas’ securitisation team and Iftikhar Ali joins as head of credit arbitrage trading for Europe and Asia, previously he was with Citigroup’s European credit derivatives team.

Rommie Bhutani co-heads financial sponsors/leveraged finance origination, joining from Credit Suisse First Boston; Michael Coppock heads the financial institutions debt capital markets, he comes from Citigroup; Vincent Moge joins as a senior sales person, previously he was with CIBC.

Arrington Mixon, head of international debt said the banks approach is to extend a number of its US-based product competencies into a cohesive European platform.