Santander has promoted Federico Papa to head of global transaction banking (GTB) for Europe. Replacing him as the new head of export, trade and commodity finance is Jorge Tapia. He is based at the bank’s headquarters in Madrid.

Papa is now be responsible for cash management, trade, export and commodity financing and lending, excluding structured finance and syndications.

Tapia joined Santander in 1995 at the market risk department, where he had a number of different roles including head of market risk in Santiago in Chile and global head of wholesale banking risk control.

In 2006 he left the market risk department and joined the bank’s corporate and investment banking team. Up until his recent appointment, Tapia held the role of global head of trade finance.