Citigroup Mexico unit Banamex names new chairman

Citigroup's Mexico unit on Wednesday said that Valentín Diez Morodo will take over as the non-executive chairman of Grupo Financiero Banamex.

Long-time board member Diez Morodo will take over as of Nov. 15, replacing Manuel Medina Mora, who last year also stepped down as Citi's head of global consumer banking.

Medina Mora was chairman of Banamex in recent years as the institution suffered through a string of problems including bad loans from fraud and a rogue trading scandal.

The unit has been mentioned as a possible spin-off candidate to boost returns, but Citi reaffirmed its commitment to Banamex earlier in July.

Diez Morodo was a board member of brewer Grupo Modelo when it was bought in 2012 by Anheuser Busch InBev. 

Enrique Luis Castillo will also take over as non executive chairman of the banking unit Banamex. Castillo, who previously served as the head of the Mexico's banking association ABM, joined the board in April.