Head of Mexico’s Central Bank Operations Is Leaving for BIS

(Bloomberg) -- Banco de Mexico’s top markets official is leaving for the Bank for International Settlements after more than two decades at the central bank, according to people familiar with the plans.

Jaime Cortina, director general of operations and payment systems, plans to leave in the coming weeks, according to five people who asked not to be named because the decision hasn’t been made public. Cortina is responsible for managing the bank’s international reserves and monetary operations, a job that made him one of the most important figures in its day-to-day functioning.

Cortina plans to join the BIS office in Mexico City, according to three of the people. In doing so, he would reunite with general manager Agustin Carstens, with whom he worked closely during his eight years as governor. Carstens left for the Basel, Switzerland-based BIS in 2017. Cortina was among the most visible members of the bank outside the five-member board during Carstens’ time at the helm.

Cortina also has been involved in building CoDi, a digital payment system expected to go live in September. Besides Banco de Mexico, he also worked at the federal mortgage institute and at Citigroup Inc.’s Banamex unit.

Cortina becomes the latest departure from the bank in recent months that included Roberto del Cueto, a deputy governor; Juan Pablo Graf, who was responsible for financial stability; and Alfonso Guerra, who was in charge of international affairs.

The press office of the central bank declined to comment, and the press office of the BIS didn’t immediately return a request for comment. Cortina didn’t respond to phone and e-mail requests for comment.

To contact the reporter on this story: Eric Martin in Mexico City at emartin21@bloomberg.net

To contact the editors responsible for this story: Juan Pablo Spinetto at jspinetto@bloomberg.net, Robert Jameson

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