Domestic bank with Banorte's support to lead ABM

Friday, February 18, 2011

Following a loud bit of public lobbying by executives of Banorte, the only major locally held bank in Mexico, the presidency of banking association ABM will go to the head of a local bank.

It is expected that Jaime Ruiz Sacristán, general director of Banco Ve por Más, will become the next ABM head as of its February 23 meeting after the other candidate, HSBC Mexico's Luis Peña Kegel, voluntarily dropped out of the running, according to a report in local newspaper El Economista.

The association had been split over which of the two candidates would take up the two-year presidency following the end of BBVA Bancomer's Ignacio Deschamps' term this year.

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Banorte general director Alejandro Valenzuela had given several unusually public comments to the effect that a domestically held bank should lead the organization during the next two years.

The dispute marked the first time ABM members had disagreed over who should lead the association, according to the Economista report.