HONG KONG (BLOOMBERG) - Bank of America (BOA) is relocating some of its dealmakers to Singapore from Hong Kong, according to people with knowledge of the matter.

Mr Dominic Tan, co-head of Asia consumer and retail investment banking, and Mr Anastasios Pefanis, who is the head of equity capital markets syndicate in the region, are among those moving to Singapore, said the people. Mr Tan and Mr Pefanis will be in Singapore on a temporary basis, the people said.

Separately, Mr John Lin, a director for mergers and acquisitions (M&A), is moving to Singapore to cover South-east Asian deals, the people said. Mr James Love, the current head of M&A for South-east Asia, is returning to Australia, they added.

Hong Kong's financial community is in the midst of an upheaval as the city's pursuit of zero-Covid-19 over the past two years has strained operations and dampened activity in the once-bustling city. Hong Kong has begun a slow path back to some sort of normality, with gyms and sports facilities reopening and restaurants hosting diners until 10pm.

In Singapore, the Government aims to remove all Covid-19 tests for fully vaccinated visitors "very soon" after dropping most restrictions. Goldman Sachs Group is hiring senior investment bankers in Singapore as the American lender looks to bolster its deal-making capabilities in South-east Asia, Bloomberg News reported this week.

Prior to joining BOA in 2020, Mr Tan was with Morgan Stanley in Hong Kong and Goldman Sachs in Australia, according to his LinkedIn profile. Mr Pefanis joined BOA in 2015, while Mr Lin has been with the company since 2008.