Itaú Corpbanca announced the resignation of Álvaro Pimentel as Chief Executive Officer of our banking subsidiary in Colombia effective November 1, 2020. Baruc Sáez has been appointed as his replacement.
Sáez is currently director of investment banking for Itaú BBA for Latin America, based in New York. With 10 years of experience in the Itaú group, he has been responsible for consolidating and leading the regional investment banking team.
He also directed the international fixed income platform for debt capital markets, loan syndication and credit structuring. Before joining Itaú, he worked at Marathon Asset Management, Deutsche Bank, ABN AMRO and ING Barings, always in positions linked to the wholesale and investment world. He has a Master in International Economics and Finance from Brandeis University and a Bachelor from Bard College.
Pimentel will return to Itaú Unibanco in Brazil as Executive Director of Itaú Latam based in São Paulo, leading the operations in Argentina, Paraguay and Uruguay, after developing a successful process in Itaú Corpbanca Colombia for four years. This included the introduction of the Itaú brand in the Colombian market, concluding the process of technological and operational integration, and implementing the Itaú culture in the bank’s operation in the country.
Over the next few weeks and until November 1, Pimentel and Sáez will develop a splicing process, in order to carry out a successful transition. Until that date, Pimentel will continue as CEO of Itaú Corpbanca Colombia until this process is completed.