GrupoBAC Credomatic has appointed Rodolfo Tabash Espinach, previously BAC Credomatic'scountry manager for Panama, to replace Ernesto Castegnaro as the group's CEO, Capital reported.

Castegnaroinformed the board of his resignation July 21, Costa Rican newspaper La Nación reported, citing a company statement.Castegnaro has led BAC Credomatic for the last 40 years, most recently as CEO andChairman.

The executivereportedly praised his successor, Tabash, who has more than 20 years of experienceworking in the group.

For hispart, Tabash said he looked forward to the challenge of leading the company andserving its customers in the region.

BAC Credomatic,which is owned by Colombia's GrupoAval Acciones y Valores S.A., has more than 3.3 million clients in theregion with operations in Panama, Costa Rica, Nicaragua, Honduras, El Salvador,Guatemala, Mexico and Florida, according to Grupo Aval. Its banking subsidiariesinclude BAC International Bank Inc.and Banco BAC San José SA.