Banking supremo in Guatemala comes as shock

President Jimmy Morales of Guatemala has named Erick Armando Vargas Sierra as superintendent of the nation's banking system.

The appointment came as a big surprise within the sector, where most people had expected José Alejandro Arévalo to be continued in the post.

The US embassy said that Arévalo had brought successful prosecutions of fraud and other cases, that were key to the fight against corruption. "We hope fo work with the new superintendent," the statement added.