Swiss private bank Julius Baer has hired Beatriz Sanchez from Goldman Sachs to head its Latin America business.

Sanchez will replace Gustavo Raitzin who will step down to join a fellowship program at Harvard University in Cambridge, US. Raitzin, who served as the private bank’s Latin America head since 2005, will now become chairman of Latin America at the bank.

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Sanchez will join the Swiss bank on 2 October 2017 and will be based in Zurich. She will assume the new responsibility and will also join Julius Baer’s executive board on 15 December 2017.

At Goldman Sachs, Sanchez most recently served as managing director and chairwoman of private wealth management for Latin America.

Her other previous roles include global head of private banking/Latin America and member of the private bank executive committee at HSBC in Geneva,  vice-president of private banking at Chase Manhattan Bank in New York, and head of hispanic for Latin America at Republic National Bank of New York (Suisse).

Julius Baer Group CEO Boris Collardi said: “I congratulate Gustavo Raitzin on his nomination to Harvard’s prestigious Advanced Leadership Initiative and express my deepest gratitude for his many contributions over the past twelve years at Julius Baer. We will continue to benefit from his more than 30 years of expertise in the Latin American and Israeli markets and ensure maximum continuity in serving our long-standing client relationships.

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“With Beatriz Sanchez as his successor, we were able to attract a seasoned banking professional with an impressive track record in successfully developing and managing private client businesses in Latin America.”