Edgardo del Rincón takes over as head of Banamex, succeeding Manuel Romo

Banamex stated that Edgardo del Rincón will take over as CEO of the bank and financial group in June, replacing Manuel Romo, who is leaving the company to work on personal social development initiatives.

The announcement coincided with the institution’s planned IPO and the start of a new chapter following its split from Citi.

“Manuel leaves behind a strong and dynamic Banamex, ready for the next stage. Thanks to what the team has built with him, we have an excellent foundation to return Banamex to where we all want it to be—at number one,” said Banamex Chairman Fernando Chico Pardo, according to a statement.

Who is Edgardo del Rincón

Edgardo del Rincón holds a degree in Economics from the Instituto Tecnológico de Monterrey and began his professional career in 1985 at Banamex, where he held positions such as Director of Credit Cards, Corporate Director of Consumer Credit, and Director General of Consumer Banking.

According to the financial group, under Edgardo del Rincón’s leadership, the Credit Cards, Personal Loans, and Merchant Acquiring divisions established themselves as market leaders in Mexico.

In 2019, he joined BanBajío as Director General. Throughout his career, he has also served as a Board Member for VISA Latin America, Chairman of the Payment Methods Commission at the Mexican Association of Banks, and Chairman of the Board of the National Credit Bureau.

Banamex pointed out that Citi recently announced agreements with investors to purchase a total of 24% of Banamex, which, when paired with Fernando Chico Pardo’s acquisition of a 25% interest, equals to 49% of the common shares. This represents another step toward Citi’s withdrawal from the banking group.

It underlined that Banamex’s divestment is still a top strategic priority for Citi and that financial considerations, market conditions, and obtaining regulatory approvals will continue to influence decisions about the timing and format of Banamex’s planned IPO as well as any further sales.

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