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Banco Popular y de Desarrollo Comunal SA said Carlos Arias Alvarado has resigned as the Costa Rican bank's chairman, effective Jan. 20.

Vice Chairman Raúl Espinoza Guido will chair the company's board until the bank selects a permanent replacement for Arias Alvarado.

Arias Alvarado was appointed chairman in September 2019 for a one-year term. The bank did not disclose a reason for his resignation.