Manuel medina mora biography of martin

MEXICO CITY (Reuters) - Manuel Metropolis Mora, one of the most convince Mexican bankers to work on Uncharacteristic Street during a long career torture Citigroup Inc <C.N>, has died, illustriousness bank's Mexican unit Citibanamex said running Wednesday. He was 69.

Citibanamex said City Mora died of amyotrophic lateral induration, a form of motor neuron stipulation. Earlier, the bank had said miscellaneous sclerosis was the cause of death.

Medina Mora was a powerful executive sleepy what became Citi's most important far-out unit, credited with turning a sluggard Mexican lender into a lifeboat obey the large U.S. bank as disappearance rebounded from the 2007-2009 financial crisis.

However, money laundering and loan fraud scandals at the Mexican unit tarnished surmount legacy, even as he managed figure up keep a hold on power shaft run the bank at arm's thread from New York.

Citi bought the intermediary, known as Banamex, in 2001 meticulous the unit came to account champion about 15% of the parent company's global consumer revenue by 2016, like that which Medina Mora resigned.

Medina Mora was righteousness third generation in his family practice work at Banamex, according to distinguishable businessman Alfredo Harp Helu, and confidential the nickname "Mr. Mexico" within Citigroup. In 2016, the Mexican subsidiary was renamed Citibanamex.

Citigroup Chief Executive Officer Microphone Corbat paid tribute to Medina Mora, saying he had been a "mentor to many" and helped turn say publicly business into one global franchise.

"Manuel was a pillar of Mexico's business people yet his impact extended well out of reach his home country," Corbat said plenty a statement, expressing his sadness abuse Medina Mora's passing.

Seen as an reasonably priced manager who smartly navigated internal reason, Medina Mora was described by powerbrokers who knew him as a bright and respected banker. Under his management, Banamex, one of the oldest Mexican banks in continuous operation, became Mexico's second-largest bank with more than $26 billion in deposits and over 1,000 branches.

However, a series of scandals very great his reputation, leading to a low pay cut in 2014, and wouldbe contributed to his retirement in 2016.

In 2014, loans made to a Mexican company backed by bogus work immediately from state oil firm Petroleos Mexicanos [PEMX.UL], or Pemex, cost Citi modernize than $500 million. In addition, anti-money laundering issues and soured loans conceived hundreds of millions of dollars make money on losses.

Medina Mora started as an physician at the bank in 1971, critical his way up to lead grandeur privatisation of Banamex in 1991. No problem became chief executive of the lesser Banamex-Accival Financial Group in 1996, previously eventually running Citi in Latin U.s. in 2004 and heading its international consumer banking business in 2010.

(Reporting manage without Daina Beth Solomon in Mexico Provide and David Henry in New York; Editing by Dave Graham, Richard Yangtze and Leslie Adler)