Santander Mexico Taps Its Own Markets Chief as New Bank Unit CEO
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Santander Mexico Taps Its Own Markets Chief as New Bank Unit CEO

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(Bloomberg) -- Banco Santander SA appointed Felipe Garcia Ascencio as chief executive officer of its Mexican banking unit to succeed Hector Grisi, who’ll take over the top job at the Madrid-based parent company next year.

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Garcia, the bank unit’s capital markets leader, served as the top corporate and investment banking executive in Mexico under Grisi, and earlier worked at Credit Suisse Group AG and Goldman Sachs Group Inc. Garcia will help in the transition as Grisi prepares to take over the global bank, the company said Thursday in a statement. Grisi will remain CEO of the Mexican financial group.

Grisi was tapped to run Santander in Madrid as it looks to bid for Citigroup Inc.’s Mexican unit Banamex. President Andres Manuel Lopez Obrador has said he wants Banamex to be taken over by Mexican owners.

Earlier this month, Lopez Obrador added the condition that there should be no mass firings from the sale of Banamex. That could hobble a bid by Santander, which is already one of the country’s biggest banks.

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