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Bank of America Merrill Lynch’s ECM team has had a smashing start to the year.At the beginning of this week, the bank priced a $3.3 billion offering of shares in VTB Bank for the Russian Government.
The deal helped shoot BofA-Merrill top spot in the European ECM rankings, Financial News reported, with a 10.8% market share.
Though the story didn’t talk about which bank they knocked out of top spot, from the WSJ’s league tables, we worked out it was UBS.
The table, which had not yet been updated to include the VTB deal, had UBS at #1 with $1.359 billion, and Bofa Merrill in #6 with $0.811 billion. With the VTB deal added, BofA shot past Credit Suisse, Nomura, Morgan Stanley, Goldman Sachs and UBS, to take the number one spot with over $4 billion.
Andrea Orcel, who’s the bank’s executive chairman of global banking and markets, was the relationship manager on the transaction Financial News reported.
But obviously the deal wasn’t a one man job. And you know who helped him? His brother Riccardo.
Riccardo heads up investment banking for Central and Eastern Europe, the Middle East and Africa.
Andrea joined Merrill in 1992 and he’s one of its stars.
According to Businessweek, he was “among Merrill Lynch’s biggest dealmakers when the firm was independent, leading the team that helped Royal Bank of Scotland Plc buy ABN Amro Holding NV in 2008.”
And they’re lucky they still have him. According to the same Businessweek article, he considered leaving BofA in early 2009 after 36 other senior Merrill Lynch execs said saynora.
Of course BofA appreciated his loyalty: he earned a bonus of $33 million in 2008 for brining in $550 million in fees. (In fact the award triggered an invesigation in New York that probed of compensation at Merrill Lynch after it lost $27.6 billion that year). He got $38 million the year before.
He’s been described as the “consummate banker, known for his international reach and golden Rolodex.”
And his wedding was apparently a who’s who of Europe’s top financial brass, according to Financial News:
Sources close to the ceremony, which was held in Rome, remained tight-lipped and all that one would say was there were “some clients” at the wedding, though no names, aside from that of the groom and his former boss at Merrill Lynch, Greg Fleming.
He lives in a penthouse in London’s exclusive Kensington now with his lady.
Meanwhile his brother Riccardo is the co-head of central eastern Europe, Middle East and Africa corporate and investment banking. Before that he was Merrill’s head of European emerging markets investment banking.
His Google presence is far less than his brother’s.
But we know he’s a Russia expert, so perhaps in the VTB deal, he was the big fish, rather than his brother.
On the same day the VTB deal went through, a Russian mining company called Metalloinvest announced it was on the path to raise $4 billion in a London IPO, with Bank of America Merrill Lynch once again on the ticket. And that was after two other gargantuan deals with Danish bank Danske and a rights issue by Italian bank Banco Popolare, according to Financial News.
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