Confirming reports, Itaú Unibanco Holding SA said it tapped Wagner Sanches, the bank's head of credit risk and modeling, to lead its personal banking products division.

In an emailed statement, Itaú said that Sanches will also be responsible for the segments of franchise, mortgage lending, digital channels, user experience and CRM.

Sanches has been part of Itaú's team for 20 years and was the bank's head for credit risk and modeling since 2014.