MEXICO CITY (Reuters) - Citigroup's <C.N> Mexico unit on Wednesday said that Valentin 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.
- All of these celebrities have had their nudes leaked 35 Pictures
- PHOTOS: Apple Emoji update includes a llama, skateboard and some bagel drama 24 Pictures
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 <ABI.BR>.
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.
(Reporting by Veronica Gomez, Christine Murray and Natalie Schachar; Editing by Alan Crosby)