Morgan Stanley (MS) named Andres Esteban to lead its investment-banking operations in Spain.

Esteban, a senior managing director of the investment- banking division, will take over from Joaquin Arenas, according to an internal company statement seen by Bloomberg News. The contents of the memo were confirmed by Hugh Fraser, a London- based spokesman for Morgan Stanley.

Bank of America Corp. hired Arenas as head of corporate and investment banking for Spain, it said in a statement sent yesterday by Silvia Albert, a Madrid-based corporate communications firm. Arenas is due to start in May, according to the statement.

To contact the reporter on this story: Charles Penty in Madrid at cpenty@bloomberg.net

To contact the editor responsible for this story: Frank Connelly at fconnelly@bloomberg.net