Peru'sEconomy and Finance Minister Alfredo Thorne has appointed executive PedroGrados as the new head of the country's main development bank, , known as Cofide, Gestiónreported Sept. 26.

Grados,who was vice president in Scotiabank's wealth management division, replacesCarlos Abel Paredes Salazar, who has served as CEO of Cofide since May whenformer CEO Jorge Luis Ramos Felices stepped down.

Priorto Scotiabank, Grados was CEO of Peruvian pension fund manager AFP Profuturo.He has been appointed to oversee Cofide's new focus on lending to small andmedium-sized businesses, Minister Thorne reportedly said.