Months after businessman Fernando Chico Pardo bought a quarter of Banamex and assumed the presidency of its Board of Directors, the executive pieces within the financial entity are starting to move. The Mexican bank announced this Wednesday the appointment of Edgardo del Rincón as general director of Banamex. “This designation is made after Manuel Romo’s decision to resign to dedicate himself to personal projects particularly focused on social development issues,” the firm reported in writing. In this announcement, the chairman of Banamex’s Board, Chico Pardo, highlighted Romo’s executive tenure and celebrated the incorporation of Del Rincón, current director of BanBajío. “Manuel has been an exceptional executive, he hands over a strong and dynamic Banamex ready for the next stage, I personally thank him for the openness and warmth with which he has received me and my children. Working with him has been a privilege,” he stated in writing.
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After seven years at the helm of the bank, Romo will hand over the baton to Del Rincón on June 1. The still Banamex executive assured that he leaves a solid, well-positioned, and growing financial group. “With Fernando as a reference shareholder, Banamex remains in the best hands, moving towards its divestment from Citi and with a clear strategy for its future,” he indicated. The financier will leave command of Mexico’s fourth-largest financial group with assets of more than one trillion pesos and over 13 million clients.
Banamex’s next director said he was happy to return to the institution and announced that he would focus on the bank’s technological transformation. “I am happy to return to Banamex, an institution that sheltered me for more than three decades and that I consider my home. I join a great management team to continue the strategic plan to build the best experience in each segment and achieve the best financial results for our investors. I am convinced that, under the leadership of Fernando Chico Pardo, we will lead Banamex to be the leader of the country’s financial sector again,” he concluded.
Banamex’s new director has a career spanning more than 30 years in the financial institution. According to the bank, Del Rincón has held various positions, including Director of Consumer Banking and Deputy General Director of the Financial Group. The financier began his banking career advising corporate clients and then focused on credit to individuals and families. Since 2019, he had been serving as director of BanBajío. Following Banamex’s announcement, BanBajío reported Del Rincón’s resignation and announced that his position will be filled by Iván Lomelí León starting next May.
With these announcements, Citi is approaching the last mile of the Banamex divestment process, the retail business it put up for sale in 2022. Citi recently announced agreements with investors to acquire a total 24% stake in Banamex which, together with Chico Pardo’s 25% acquisition, totals 49% of the ordinary shares, in another important step towards its divestment from the Financial Group. The US conglomerate emphasized this Wednesday that the divestment of the Mexican bank remains a strategic priority.