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Medina Mora to step down as chairman of Banamex, Grupo Financiero Banamex


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Medina Mora to step down as chairman of Banamex, Grupo Financiero Banamex

ManuelMedina Mora will step down as nonexecutive chairman of both Citigroup Inc. unit GrupoFinanciero Banamex SA de CV and its subsidiary, Banco Nacional de México SA Integrante del Grupo Financiero Banamex,as of Nov. 15, Banamex said.

MedinaMora informed the boards of both companies of his decision July 19, according toa July 20 filing.

Banamex'sboard has appointed Enrique Luis Castillo Sánchez Mejorada to replace Medina Moraas chairman from Nov. 15.

EnriqueCastillo began his career at Banamex and he has been a director since April 2015.He is also a former head of Mexican banking association, ABM.

Separately,the board of Grupo Financiero Banamex has appointed Valentín Díez Morodo as itsnew chairman, also from Nov. 15.

DíezMorodo is a Mexican businessman who has been a member of the board for the last25 years.

MedinaMora stepped down as head of Citigroup's global consumer business in June 2015 amida reorganization of Banamex'sboard following the Oceanografía fraud scandal in 2014. At the time, he decidedto stay on as chairman of Grupo Financiero Banamex and its banking unit, mainlyto oversee the transformation of the bank's corporate governance model in line withinternational standards, the Banamex filing said.

"Afterreflecting on his achievements in reaching this objective and on his professionalgoals at this stage of his life, [Medina Mora] considered it was a good moment tostep aside to allow new leadership on the boards of GF Banamex and Banamex,"the filing said.

Afteraccepting his resignation, members of both boards recognized the executive for his"extraordinary" leadership over 45 years with Banamex and "numerous"professional contributions.

JaneFraser, the CEO for Latin America at Citigroup, also acknowledged Medina Mora'scontributions to Citigroup in Mexico and globally.