Bank of America announced the recent appointments of Phil Carmalt as head of Asia Pacific (APAC) global payments solutions (GPS) product, based in Hong Kong, and Gabriel Andrade as managing director and head of GPS for Mexico. Carmalt will join the bank in late May 2025. He will report to Greg Kavanaugh, head of GPS product, and Winnie Chen, head of APAC, GPS. He will lead the product management team to drive and execute the GPS product strategy and vision for the region, covering channels, cash and liquidity products. Carmalt will also be part of the senior leadership team in GPS Asia Pacific. He brings over 20 years of financial services experience across Hong Kong, Singapore and the United Kingdom. He has held various roles in technology, programme and business management, product, client management, innovation and sales at both regional and global banks. Most recently, he served as head of cash and trade product at DBS Hong Kong. Andrade joined the bank in late February. He is responsible for driving the GPS strategy in Mexico, including payment and receivable solutions, liquidity, and trade and supply chain finance. He reports to Annali Duarte, head of Latin America, GPS, and is based in Mexico City. Andrade is also part of the Mexico country leadership team, reporting to Emilio Romano, country executive for Mexico. He has more than 30 years of management experience in the Mexican banking sector. Before joining Bank of America, he held several senior roles at Citibanamex, including head of transaction banking sales, cash management head for all businesses, head of retail and commercial bank payroll and transaction business, COO of Mexico, head of the Anti-money Laundering Office, and head of the Transformation Office. Since 2020, he has been working as an entrepreneur and independent business consultant. He holds a BA in business administration from C.E.S.A. in Bogotá, 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. Re-disseminated by The Asian Banker
