Scotiabank announced on Tuesday that Diego Masola, its executive vice president and Country Head (top local executive) for Chile and Uruguay, will leave his post on October 31. This ends a 25-year career at the bank and more than 35 years in international banking.
According to La Tercera, Masola will remain with the group as a strategic adviser during the leadership transition. Diario Financiero reported that the executive plans to retire at the end of 2026.
The board learned of the decision at an extraordinary meeting held on Tuesday. The bank notified the Financial Market Commission (CMF), Chile's regulator of banks, insurers and the stock market, through a material information disclosure signed by board chairman Salvador Said.
Starting on November 1, Luis Álvarez, currently senior vice president of Finance, will serve as interim general manager until a successor is appointed. The bank said it "is at an advanced stage of the search process".
"His leadership was key to advancing the bank's strategic priorities," Said stated. Francisco Aristeguieta, the group's head of International Banking, highlighted Masola's role in advancing the digital agenda during a period of profound transformation.
Masola took over in Chile in 2021, replacing Francisco Sardón. He previously held executive positions in the Dominican Republic, Canada and Puerto Rico. In 2013, he was appointed CEO of Scotiabank Uruguay and later led the Central American region, where he oversaw the integration of Citibank's retail banking operations.
His management in Chile focused on digital services. According to Diario Financiero, the bank has developed around 250 digital products since 2021. These include ScotiaZero, a 100% digital checking account; Invierte Smart, an investment robo-adviser; and ScotiaGo, an app for making payments by phone.
He also chaired Cencosud Scotiabank (CAT) in Chile and BEVSA in Uruguay, and currently heads International Banking's ESG (environmental, social and governance) Committee. After retiring, he will remain on some of the group's boards. The bank will announce its next permanent general manager when the search concludes.
