Banco Santander's former head of global debt financing in Mexico has been promoted to lead the firm's investment and corporate banking division in the country after two other senior officials left the bank.

The new deputy general director of corporate and investment banking since February, Octaviano Coutollenc, has been with Santander since 2007. He had been the head of global debt financing in Mexico since 2015 and previously worked at Citi in Mexico City.

Coutollenc's promotion comes amid a reshuffling in the senior ranks of the Mexico office, including its structured finance team.

Coutollenc replaces the previous deputy general director of Santander in Mexico, Jorge Arce, who left the Spanish bank in January to join HSBC Mexico as its new director-general.

Arce, who had been at Santander since 2016, replaced Nuno Matos, HSBC Mexico's previous director-general, who stepped down in February. Matos will remain with HSBC in a different capacity.

Arce will report to Latin America director-general Paulo Maia in his new role at HSBC. Before joining Santander, he had worked for over 20 years at Deutsche Bank.

The changes at the top of Santander's corporate and investment banking division in Mexico come a few months after the replacement of the bank's head of structured finance in the country.

In November 2019, Borja López-Bravo was given the leadership of Santander's Mexico structured finance division, which had previously been held by Alejandro de la Vega.

López-Bravo started at Santander in 2017, after working for seven years at BBVA in New York and Mexico City.

De la Vega has since launched his own investment firm, InfraX, which is focused on raising funds for infrastructure and energy projects in the region.

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