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Medina Mora, Banamex's influential former CEO, dies

Former Grupo Financiero Citibanamex SA de CV CEO and nonexecutive chairman Manuel Medina Mora, has died at the age of 69 due to multiple sclerosis, Reuters reported, citing a statement from the bank.

Medina Mora started working at the bank in 1971, when it was called Banamex, as an intern. He gradually made his way up the ranks, eventually becoming CEO and helping turn the lender into Mexico's second-largest bank.

Banamex was acquired by U.S. banking giant Citigroup Inc. in 2001. The unit was responsible for about 15% of Citi's global consumer revenue by the time Medina Mora resigned from the group in 2016.

His resignation followed a series of scandals at the Mexican unit, including a 2014 lending case involving fake work orders that cost Citi more than $500 million.