Panamanian Bank Gets Ex-Merrill VP

Panama’s Global Bank has appointed as CFO Jorge Vallarino, a former VP in Merrill Lynch’s Mexico City based global markets and investment banking unit. Vallerino, a Panamanian citizen apparently related to the bank’s owner, departed BofA-Merrill last Friday after wrapping up an existing assignment, and started his new job this week. He was with Merrill for 3 years in Mexico and a year in the New York DCM group. Global Bank is understood to be considering branching out into DCM and M&A advisory, leveraging some of the new CFO’s skills. Global Bank is Panama’s second largest locally owned bank, according to the IFC, which says it is active in both the corporate and retail segments. The bank and subsidiaries had $1.97bn in total assets, $1.42bn in deposits and $14.46m in net profit as of March 31.