Credit Suisse has announced a new leader for its Mexican business.

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

Villarreal takes the reins from Hector Grisi, who is leaving the bank, and 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.