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Banamex reveals new executive committee

New management structure is designed to integrate Mexican bank’s activities and shore up management team as Medina Mora moves up Citi global hierarchy.

More on Banamex

Banamex announced the creation of a new executive committee today, whose main goal will be to define, integrate and execute the Mexican bank’s strategy across the entire group. The committee will be headed by Manuel Medina Mora, who was promoted to chief executive officer of Citi consumer banking for the Americas and chairman of Citi’s global consumer council, in January.

The committee will also include three senior executives: Enrique Zorrilla, Javier Arrigunaga and Fernando Quiroz. Together, they have the task of continuing the success story of Medina Mora’s 14-year tenure of the bank.

Zorrilla continues as chief executive of Banamex, the retail and commercial bank.

Arrigunaga has been promoted to chief executive of Grupo Financiero Banamex, the insurance, pension and brokerage operations which include Afore Banamex, Seguros Banamex and Operadora de Sociedades de Inversión. These responsibilities are in addition to his current responsibilities as the chief executive of administration for Citi in Latin America.

Quiroz maintains his position as chief executive for the institutional client group (ICG) of Citi for Latin America and chairman of the board for Accival, the brokerage.

When told of Banamex’s new committee a senior banker in Mexico wasn’t surprised: “Changes at the top of Banamex are long over due,” he said.

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