- Bustillo will oversee bank's three lines of business
- Move will allow bank to further tap local opportunities
- New model to better meet needs of customers
- Bustillo has been with BBVA Compass since 1987, leading Commercial Banking for the past five years
In a move aimed at fostering deeper ties to both clients and communities, BBVA Compass named Rafael Bustillo as the bank's Chief Operating Officer to oversee the bank's three lines of business – Retail, Wealth Management and Commercial.
Bustillo will lead the Consumer and Commercial Bank, working alongside Chief Digital Banking Officer Jeff Dennes, who leads the Digital Bank. BBVA Compass Chairman and CEO Manolo Sanchez said the new structure, which came after a careful review, will allow the bank to be more relevant and responsive to customers and the towns and cities where it operates.
"We're organizing in a way that is both comprehensive and efficient," said Chairman and CEO Manolo Sanchez. "Our leadership model will yield superior cross-line-of-business synergies, creating an opportunity for our business and our brand. But the key is that the new organization will allow us to better meet the needs of the people and places we serve."
Four Regional Executives will report to Bustillo, as will Champions for the lines of business in the bank, including Retail Banking, Wealth Management and Commercial Banking as well as Commercial Real Estate. This new leadership team will be tasked with capitalizing on opportunities and mitigating challenges across the bank's footprint.
Chief Executive Officers will be named in the major cities in the bank's footprint, in addition to a Texas border CEO, a New Mexico CEO and CEOs representing the bank's community markets in each region. These positions will help the bank tap even further into local business opportunities.
Bustillo has been with BBVA Compass since 1987, leading Commercial Banking for the past five years. Prior to that, he was Commercial Banking's Denver Market President and Western Region Executive, Gainesville Market President and Regional Executive for Northeast Florida and Southeast Alabama Community Markets, and Commercial and Private Banking Manager in Huntsville, Ala.
"Rafael has guided our Commercial line of business through a period of transformation and growth, made all the more remarkable by the prevailing economic headwinds," said Sanchez. "He's an excellent choice to help lead the bank to even greater success."
Bustillo will be based in Houston.