La Jornada: Edgardo del Rincón will head Grupo Financiero Banamex

Banco Nacional de México (Banamex) announced yesterday that as of June 1, Edgardo del Rincón will assume the general management of the financial group, replacing Manuel Romo.

Recently, a quarter of Banamex’s shares were acquired by Mexican businessman Fernando Chico Pardo.

The bank specified that this decision was made after Manuel Romo submitted his resignation “to dedicate himself to personal projects, particularly focused on social development issues.”

In a statement, he indicated that Edgardo del Rincón brings 40 years of experience in the banking sector, which includes 34 years at Banamex, where he was in charge of consumer banking and was also deputy general director of the financial group. He is currently general director of Banco del Bajío.

Romo, who concludes a seven-year period as CEO of Banamex and was almost completely in charge of the sale process by the American group Citi, stated that “with Fernando Chico Pardo as a reference shareholder, Banamex is in the best hands and moves forward with its disincorporation from Citi with a clear strategy for its future.”

Chico Pardo, president of the Banamex Board, called Romo “an exceptional and first-class manager, both professionally and humanly. He delivers a strong and dynamic Banamex, ready for the next stage.

“The board trusts in Edgardo’s track record as a successful and consolidated leader, whose knowledge and experience will contribute at this stage to the growth and success of Banamex,” added Chico Pardo.

Del Rincón stated: “I am convinced that, under the leadership of Fernando Chico Pardo, we will lead Banamex to once again be the leader of the country’s financial sector.”

Citi announced the sale of Banamex in January 2022. In September of last year it was announced that Chico Pardo acquired 25 percent of the shares of the Mexican bank and last February it was reported that a group of shareholders took 24 percent.

“As previously noted, the divestiture of Banamex remains a strategic priority for Citi. Any decisions regarding the timing and structure of Banamex’s proposed initial public offering and any additional sales will continue to be guided by several factors, including, but not limited to, financial considerations, market conditions and the obtaining of regulatory authorizations,” Banamex added.