BofA Announce New Hires in Mexico and Hong Kong

Published: April 23, 2025

Bank of America have announced two new appointments in the bank’s Global Payments Solutions business: Gabriel Andrade has joined the Mexico office and Phil Carmalt will join the Hong Kong office.

Gabriel Andrade joined the bank in late February as managing director and head of Global Payments Solutions for Mexico. Gabriel is responsible for driving the GPS strategy in the country including payment and receivable solutions, liquidity and Trade & Supply Chain Finance. He reports to Annali Duarte, head of Latin America Global Payments Solutions and is based in Mexico City. Gabriel is also a member of the Mexico Country Leadership Team for which he reports to Emilio Romano, Country Executive for Mexico.

Gabriel brings more than 30 years of management experience in the Mexican Banking sector, most recently at Citibanamex where he held roles as head of Transaction Banking Sales, Cash Management Head for all businesses, Retail and Commercial Bank Payroll/Transaction Business Head and COO, Mexico Anti-Money Laundering Office Head, and Transformation Office head. Since 2020 he has been a successful entrepreneur and independent business consultant.

Gabriel holds a BA in Business Administration from C.E.S.A. in Bogota, Colombia, a Master’s degree in International Management from the University of Saint Thomas, and an MBA from Duke University/The Fuqua School of Business.

Phil Carmalt is to join the bank in late May as head of Asia Pacific Global Payments Solutions (GPS) Product. He will be based in Hong Kong and will report to Greg Kavanaugh, head of Global Payments Solutions Product, and Winnie Chen, head of APAC Global Payments Solutions.

Phil replaces Venkat ES who recently retired from the firm.

Phil will lead the product management team to drive and execute product strategy and vision for the region, across channels, cash and liquidity products. Phil will be part of the Senior Leadership Team in GPS Asia Pacific, working together with partners across the franchise to deliver the best proposition to clients.

Phil has more than 20 years of financial services experience in various roles across Hong Kong, Singapore and the United Kingdom. He has deep expertise in transaction banking developed from diverse roles across technology, program management, business management, product, client management, innovation and sales, across regional and global banks. Most recently he was the head of Cash & Trade Product at DBS Hong Kong.