(Bloomberg) — Sumitomo Mitsui Banking Corp. hired Juan Toro as managing director and chief executive officer for its Mexican non-bank financial company.
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Toro will partner with managing director and country head Alfredo Santillan and focus on expanding Sumitomo’s investment banking platform in Mexico, Carl Adams, SMBC America’s head of structured debt, wrote in a memo seen by Bloomberg News.
Toro was most recently at Atlantico Capital, and before that was a managing director at infrastructure project-finance advisory Astris Finance.
Sumitomo launched its Mexican sofom, a type of non-bank financial institution, in 2015 to focus on corporate and project finance following the expansion of Japanese car manufacturers and equipment suppliers in Latin America’s second-biggest economy. SMBC was a bookrunner on Mexico’s sale last week of a $1.5 billion bond to pay off its purchase of power plants from Spain’s Iberdrola SA.
SMBC’s sofom represents around 15% of the bank’s operations in Mexico, according to the company.
(Adds detail on extent of non-bank lender’s business in paragraph five. An earlier version corrected the scope of Toro’s duties in second paragraph.)
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