Bank of America has promoted experienced investment banker Simbah Mutasa to head its investment banking operations across Africa.
The appointment was communicated to staff through an internal memo from Matt Cannon, the bank’s Head of Investment Banking for Europe, the Middle East and Africa (EMEA).
Mutasa, who previously led Bank of America’s investment banking business in South Africa, will now oversee the bank’s dealmaking activities across Africa’s 54 countries. According to Cannon, Mutasa is expected to play a central role in growing the bank’s investment banking franchise across the region.
The promotion comes at a time when Africa is attracting renewed interest from international investors and financial institutions. Capital market activity across the continent has been gathering momentum, with Sub-Saharan African countries raising close to US$6 billion from international markets during the opening weeks of 2026, the strongest start to a year in more than a decade.
Mutasa brings extensive experience in both investment banking and development finance. He began his career with Citigroup in London, where he worked in the telecommunications, media and technology investment banking division. He later joined Liberty Global, focusing on mergers and acquisitions, before moving into development finance as Head of Southern Africa Operations for Norfund, Norway’s development finance institution.
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A graduate of the University of Cambridge, Mutasa is currently based in South Africa and is widely regarded as a seasoned dealmaker with strong experience in both private-sector transactions and development-focused investments.
His appointment is expected to support Bank of America’s efforts to capture growing opportunities in Africa’s infrastructure, financial services and consumer sectors. The bank has already been involved in several major transactions outside South Africa, including Dangote Fertilizer’s US$750 million private fundraising in Nigeria and advisory work on the sale of stakes in East African Breweries to Japan’s Asahi Group.
However, the new role comes with challenges. Mutasa will be responsible for navigating a diverse continent made up of multiple regulatory environments, currencies and legal systems while helping the bank expand its presence in key markets such as Nigeria, Kenya and other fast-growing economies.
Competition in Africa’s investment banking sector remains intense. Global players such as Citigroup, Goldman Sachs and JPMorgan continue to compete for major mandates, while European banks including Société Générale, BNP Paribas and Standard Chartered maintain strong positions across several African markets. Regional banking giants such as Standard Bank, Absa and Rand Merchant Bank also remain influential players in dealmaking across the continent.
Bank of America, headquartered in Charlotte, North Carolina, and led by Chief Executive Officer Brian Moynihan, reported revenue of US$31.6 billion and net income of US$9.1 billion during the second quarter of 2026.
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