Jorge Arce will become CEO of HSBC México SA Institución de Banca Múltiple Grupo Financiero HSBC in February, Bloomberg News reported, citing a company statement.

Arce, a deputy general director at Banco Santander México SA, will replace Nuno Matos, who took over the role in 2015.

Bloomberg cited a person familiar with the matter said Matos will shift to a new role within parent company HSBC Holdings PLC, where he will assist with the British bank's global restructuring efforts.