Digital infrastructure will be one of the biggest moneymakers for investment banks in the immediate future, according to Bank of America’s Australian chief executive.
Bank of America CEO, Joseph Fayyad, speaking at the AFR’s Infrastructure Summit in Sydney on Monday November 21“The major thematic was in what we call the ‘fourth utility,’ which is digital infrastructure,” Mr Fayyad said. “Whether it be large towers, small towers, there’s a significant additional rollout required to serve our communities.”
Banks know that institutional investors want to deploy capital in the digital infrastructure space, and according to Mr Fayyad, these assets are better-served by cashed-up, private investors.“These assets are more efficiently held in private hands. Investors that have a long-term horizon, and marrying up that long-term investment with long-term assets makes sense,” says BofA’s local CEO.
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The next big moneymaker for investment banksMobile network operators have monetised their telecom tower assets to the tune of $15 billion in the last 18 months, but for bankers there’s more work to do.
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