Overview
- Bankaool appointed Héctor Andrés Ruiz López as executive director of its FX desk and recruited nearly 280 former Intercam Banco FX employees.
- Preliminary talks to arrange an orderly transition with Intercam failed, prompting direct recruitment of the division’s experienced staff.
- Senior management held meetings in Washington with the U.S. Treasury’s FinCEN to align Bankaool’s AML and compliance frameworks.
- The bank aims to secure roughly 40% of the $820 million in daily foreign exchange trades previously managed by Intercam.
- Onboarding experienced personnel is expected to accelerate Bankaool’s FX operations and trim about three years off its planned expansion under a 1,000-million-peso investment strategy.