Credit Suisse appointed a new CEO for its Mexico business.

Pedro Jorge Villarreal has been named as the new chief executive of Credit Suisse in Mexico, where the firm has a strong private banking, asset management and investment banking business.

Villarreal takes the reins from Hector Grisi, who is leaving the bank. He will maintain his current role as co-head of investment banking for Latin America (excluding Brazil). Previously, he led investment banking in Mexico for five years.

“Mexico’s growing economy brings with it a need for increased financial intermediation, wealth creation and deeper capital markets,” said Robert Shafir, chief executive of Credit Suisse in the Americas.