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Santander Chile brokerage appoints new CEO

Santander Chile brokerage appoints new CEO

Santander Chile’s brokerage has named a new chief executive roughly a month after its former top boss left the firm to pursue a personal project.

Axel Timmermann took over the role on September 12, according to a statement from Santander Corredores de Bolsa to the Chilean market regulator.

The firm’s board had appointed him interim chief executive on August 22, five days after Francisco Errandonea Terán ended his three-year tenure as the top manager. He left on 'good terms,' the firm said at the time.

Timmerman has been with the Santander group in Chile since at least 2013, first heading the equity sales team and then the group in charge of FX sales to large firms.

In the past, he had led the equity broker-dealer unit at Merrill Lynch Chile and institutional sales at IM Trust, a firm in which Credicorp a majority stake in 2012.

Part of the Santander group, the Chile brokerage offers custody and investment services for equities and fixed income.

In April, Santander Asset Management named Sergio Soto González as chief executive following the exit of María Paz Hidalgo after 10 years in the role. 

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