Magazine article American Banker

B of A Looks to Serve Retail Companies @sh#Montgomery Unit Hires Former Deutsche Bank Executive

Magazine article American Banker

B of A Looks to Serve Retail Companies @sh#Montgomery Unit Hires Former Deutsche Bank Executive

Article excerpt

NationsBanc Montgomery Securities Inc., BankAmerica Corp.'s investment banking subsidiary, is expanding its coverage of the retailing industry.

C. Edward Carter, who resigned from Deutsche Bank Securities Inc. last month after nearly two years as head of U.S. investment banking, joined Montgomery this week as director of consumer and retail investment banking.

Though Montgomery's consumer investment banking group has historically focused on the restaurant, gambling, and lodging sectors, Mr. Carter said in an interview that he plans to expand into more traditional retailing segments like textiles, apparel, and footwear.

The expanded group will focus on serving retail companies that fall within the universe of Montgomery's equity research coverage, he added.

"In my opinion, we need to work hand in hand with our analysts. This could become one of our larger industry groups," he said.

Mr. Carter also said he plans to pursue bigger clients. "Historically, Montgomery has been very focused on the growth sector, on IPOs, and capital raising for early-stage companies," he said. "I would like to move up the food chain and include some larger-cap companies."

Mr. Carter said he is counting on the customer list at the giant bank to aid him in this effort, pointing to the strong lending relationships with the retail sector that both NationsBank Corp. and BankAmerica Corp. had before their merger.

San Francisco-based Montgomery has been going through a major redefinition ever since NationsBank and BankAmerica merged in September. …

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