The duo will replace Eamon Brabazon, who was late last year appointed as the co-head of global M&A.
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A spokesperson for the U.S. bank confirmed the contents of the memo.
Iles joined BofA in 2003 and has led the bank’s UK M&A business for the past seven years. He will be based in London.
Poensgen, who joined the bank in 2010 and most recently oversaw BofA’s M&A business for Germany, Austria and Switzerland, will be based in Frankfurt.
Reporting by Arasu Kannagi Basil in Bengaluru and Emma-Victoria Farr; Editing by Sahal Muhammed