Florida-based EspĂ­rito Santo Bank has named Rafael Madan as senior vice president and head of wealth management, as well as promoting Carlos Modia as chief financial officer and hiring Andrew Methven as chief operating officer.

Florida-based EspĂ­rito Santo Bank has named Rafael Madan as senior vice president and head of wealth management, as well as promoting Carlos Modia as chief financial officer and hiring Andrew Methven as chief operating officer.

Madan will oversee EspĂ­rito Santo Bank's private bankers and develop new private banking products. He will represent the firm in the US and Latin America, along with the senior management team, and play a significant role in community organizations, according to a statement.

Madan was most recently managing director of Wells Fargo Advisors in Miami, FL, where he was responsible for 90 financial advisors. He joined Oppenheimer & Co (Miami) in 1994 and ended his 12-year tenure there as managing director/branch manager. Prior to that, he was director for Latin America Private Banking at Merrill Lynch Bank & Trust Company in Miami. 

His appointment comes after Family Wealth Report learnt in October that Lia Yaffar-Pena, president at ES Financial Services (the brokerage unit of Espirito Santo Bank) left the firm to pursue other interests. Yaffar-Pena was also senior vice president and head of the bank’s wealth management division.

Modia, now CFO, joined EspĂ­rito Santo Bank in 2005 and before this promotion was senior vice president and chief operating officer. Methven, meanwhile, joins from RBC International Wealth Management, where he was latterly head of operations and technology in Miami. From 2003 to 2011, he was COO for the Americas region and before that was director of finance at RBC Global Asset Management in Toronto.

EspĂ­rito Santo Bank is a majority-owned subsidiary of Banco EspĂ­rito Santo, which is headquartered in Lisbon, Portugal, with offices in Europe, South America, Africa and the Far and Middle East.