Bank of America Names Simbah Mutasa to Lead Investment Banking Across Africa
Bank of America has promoted Simbah Mutasa to lead its investment banking business across Africa, expanding his previous responsibility for South Africa. The appointment comes as international capital markets activity rebounds in sub-Saharan Africa, with sovereign and corporate deals accelerating in 2026. Mutasa faces strong competition from global and African. . .
Bank of America has promoted Simbah Mutasa to lead its investment banking business across Africa, expanding his previous responsibility for South Africa. The appointment comes as international capital markets activity rebounds in sub-Saharan Africa, with sovereign and corporate deals accelerating in 2026. Mutasa faces strong competition from global and African banks as Bank of America seeks to expand beyond its traditional South African footprint. Bank of America has appointed Simbah Mutasa to lead its investment banking business across Africa, expanding his responsibilities beyond South Africa, according to an internal memo sent to employees. "In his expanded role, Simbah will continue to grow our investment banking franchise across the Africa region,"Matt Cannon, Bank of America's head of investment banking for Europe, the Middle East and Africa (EMEA), wrote in the memo. A Banker With Development Finance ExperienceMutasa's career reflects the expertise Bank of America expects to leverage as it expands its African business. He has more than 15 years of experience in investment banking and development finance. He began his career at Citigroup in London, where he worked in the telecommunications, media and technology investment banking team. He later joined Liberty Global, where he advised on mergers and acquisitions, before leading Southern Africa operations for Norfund, Norway's development finance institution, following the opening of its Cape Town office. Mutasa studied at the University of Cambridge and is based in South Africa. His experience in development finance is particularly relevant because public development institutions continue to co-finance African roads, power plants and digital infrastructure alongside private investors. Large Capital Markets Deals ReturnThe promotion comes as financial activity accelerates across the continent. Sub-Saharan African countries raised nearly $6 billion on international capital markets during the opening weeks of 2026, marking the strongest start to a year since 2013. Kenya led issuance with $2. 25 billion, followed by Côte d'Ivoire, Cameroon, Benin, and the Republic of the Congo. Investors continue to seek exposure to critical minerals, renewable energy, digital financial services, and expanding consumer markets across Africa. Bank of America's recent mandates reflect that shift. The bank acted as joint placement agent for Dangote Fertilizer's $750 million private fundraising in Nigeria. It also advised on the sale of stakes in East African Breweries to Japan's Asahi Group, a transaction completed outside South Africa. Those mandates underline the bank's growing focus on opportunities across the continent rather than solely within its traditional South African market. One Executive, Fifty-Four MarketsMutasa now faces the challenge of overseeing investment banking across 54 African markets with sharply different regulatory, legal and monetary frameworks. He will oversee operations spanning Nigeria, with its floating naira, the eight-member West African Economic and Monetary Union (WAEMU), whose currency is pegged to the euro, Kenya, whose Nairobi Securities Exchange serves as East Africa's benchmark market, Ethiopia, which is implementing financial sector reforms, and South Africa, home to the continent's deepest capital market. Bank of America has not announced any additional African office openings alongside Mutasa's promotion. Meanwhile, the competitive landscape remains crowded. Citigroup has maintained a dedicated Africa and Middle East platform for years and recently secured a mandate from Airtel Africa for the planned initial public offering of its mobile money subsidiary. Goldman Sachs and JPMorgan continue to rank among the lead arrangers of African sovereign bond issues. In French-speaking Africa, Société Générale, BNP Paribas, and Standard Chartered maintain strong market positions. Meanwhile, African lenders dominate many mid-sized transactions, led by Standard Bank, the continent's largest bank, as well as Absa and Rand Merchant Bank. Mutasa's appointment therefore marks an important step in Bank of America's African expansion strategy, but he will need to demonstrate that the bank can establish a broader continental presence beyond its longstanding strengths in South Africa. This article was initially published in French by Fiacre E. KakpoAdapted in English by Ange J. A de Berry Quenum