Bank of America Corp. announced it had named a new head in its Latin American unit. Bank of America appointed Alexandre Bettamio to its Latin America division, said a source familiar with the matter.

Bettamio was a former banker at UBS AG and Banco Pactual SA. On September 2008, he was appointed chief executive officer for Bank of America Merrill Lynch's Brazil unit. Bettamio would be based in New York, said the same source who asked not to be identified as the matter was held private in nature.

Bank of America Merrill Lynch did not give any response when asked to comment regarding the report. The source did not say whether Bettamio had an immediate replacement.

Under Bettamio's leadership, the investment bank in Brazil increased in rankings for mergers and acquisitions.  The investment bank also rose in equity and debt capital markets in Brazil. Furthermore, Bettamio led the bank to increasing advisory and lending deals in Latin America's biggest economy.