Bank of America Merrill Lynch has appointed David Oman as new chief risk officer (CRO) for Europe, the Middle East and Africa (EMEA) effective early October.

Mr Oman will be based in London and will report to Marisa Harney, head of international risk strategy development.

The bank has said that Mr Oman will work alongside with EMEA leadership and he will be responsible for leading the company’s risk strategy in the region. He will also act as the main liaison with the Financial Services Authority and other regional regulators. Mr Oman will sit on the EMEA executive committee.

In addition to this, he will oversee counterparty risk and will report to Bruce Thompson, CRO at Bank of America, in this capacity.

Mr Oman joins Bank of America Merrill Lynch from UBS, where he most recently served as European chief risk officer and global head of counterparty credit risk.

The current EMEA CRO, Price Sloan, will remain in this role until later this year when he will relocate from London to New York to assume the role of international operational risk executive.

Mr Thompson said: “As we strengthen our international risk strategy, it is critical that we have strong regional leadership. David’s background and wealth of experience broadens the capabilities of our international risk management team and make him a great fit. I am delighted that he is joining our company.”