MEXICO CITY, Jan. 16, 2015 (GLOBE NEWSWIRE) -- Grupo Elektra, S.A.B. de C.V. (BMV:ELEKTRA*) (Latibex:XEKT) Latin America's leading specialty retailer and financial services company and the largest non-bank provider of cash advance services in the United States, announced today that Alejandro Valenzuela del Rio was named CEO of Banco Azteca, a subsidiary of Grupo Elektra.
Mr. Valenzuela has over 20 years of experience in the financial industry in Mexico, both in the public and private sectors. He was CEO of Grupo Financiero Banorte, and at the same institution he held the positions of Director of Treasury and Director of the brokerage firm, among other executive responsibilities. Previously, he was Director of International Relations at Banco de Mexico and held strategic positions in the Ministry of Finance.
Valenzuela holds undergraduate and graduate degrees in Economics from the University of California in Los Angeles, and a Ph.D. in Administration and Project Valuation from the Université Paris-Dauphine.
Alejandro Valenzuela replaces Luis Niño de Rivera, who will become Vice President of the Board of Banco Azteca. Mr. Niño de Rivera has been instrumental in the steady expansion of Banco Azteca in Mexico and Central and South America, as well as in its solid results, robust balance sheet and solid growth perspective.
"With great enthusiasm I will be leading the committed work by the Banco Azteca team to offer more and better world-class financial services and generate significant synergies with the commercial division of Grupo Elektra," said Mr. Valenzuela. "This will further drive the continued well-being of millions of families and the progress of businesses in more market segments in Mexico and Latin America."
Banco Azteca plans to continue with its expansion toward a growing number of customers, which helps to increase the purchasing power of the population and expand their living standards, as well as to promote the development of companies.
Company Profile:
Grupo Elektra (www.grupoelektra.com.mx) is Latin America's leading financial services company and specialty retailer and the largest non-bank provider of cash advance services in the United States. The Group operates over 6,000 points of sale in Mexico, USA, Brazil, Guatemala, Honduras, Peru, Panama and El Salvador.
Grupo Elektra is a Grupo Salinas company (www.gruposalinas.com), a group of dynamic, fast-growing, and technologically advanced companies focused on creating shareholder value, contributing to build the middle class of the countries in which they operate and improving society through excellence. Created by Mexican entrepreneur Ricardo B. Salinas (www.ricardosalinas.com), Grupo Salinas operates as a management development and decision forum for the top leaders of member companies. The companies include Azteca (www.irtvazteca.com), Azteca America (www.aztecaamerica.com), Grupo Elektra (www.grupoelektra.com.mx), Banco Azteca (www.bancoazteca.com.mx), Advance America (www.advanceamerica.net), Afore Azteca (www.aforeazteca.com.mx), Seguros Azteca (www.segurosazteca.com.mx), Totalplay (www.totalplay.com.mx) and Enlace (www.iusacellenlace.com.mx). Each of the Grupo Salinas companies operates independently, with its own management, board of directors and shareholders. Grupo Salinas has no equity holdings. However, the member companies share a common vision, values and strategies for achieving rapid growth, superior results and world-class performance.
Except for historical information, the matters discussed in this press release are forward-looking statements and are subject to certain risks and uncertainties that could cause actual results to differ materially from those projected. Other risks that may affect Grupo Elektra and its subsidiaries are identified in documents sent to securities authorities.