Miami-based Espirito Santo Bank, a subsidiary of Portugal-based Banco Espirito Santo, has restructure its executive team and appointed a Wells Fargo’s wealth management executive.

Espirito Santo Bank has appointed Rafael Madan as senior vice president and head of wealth management succeeding Lia Yaffar-Pena, who left the Bank in October, according to South Florida Business Journal.

As part of restructure, Carlos Modia was promoted as CFO and appointed Andrew Methven from RBC as new COO.

Prior to joining Espirito Santo Bank, Madan most recently served as managing director of Wells Fargo Advisors in Miami.

At Wells Fargo, he has led 90 financial advisors and managed $14 billion in assets, apart from generating over $100 million in revenue. Earlier to this, he served at Merrill Lynch Bank & Trust’s as director of private banking for Latin America.

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By GlobalData

Modia has most recently served as senior VP and COO of the bank, while Methven has joined from RBC, where he served as head of operations and technology for the Canadian bank’s international wealth management office in Miami.

Espirito Santo Bank’s private wealth management division and securities brokerage works mostly with foreign clients.

G Frederick Reinhardt chairman and CEO Espirito Santo Bank said:"This is the next step in our positioning the organization to effectively execute several growth strategies in the near term. I’m confident that we will exceed all expectations in 2014 and my game plan is to put strong people in the right positions to support our growth in the Espírito Santo Bank Group."