MEXICO CITY, June 11, 2012 /PRNewswire/ -- Financiera Independencia, S.A.B. de C.V., SOFOM, E.N.R. (BMV: FINDEP; OTC: FNCRY), ("Findep" or the "Company") a leading Mexican microfinance lender of personal loans to lower income segment individuals and working capital loans through group lending microfinance, announced today a corporate restructuring to enhance its strategic and operational capabilities.
Mr. Noel Gonzalez, up until now, CEO of Financiera Independencia will take on the role of Executive Vice President and Group CEO. In this capacity, Mr. Gonzalez will no longer lead the day to day operations of our traditional business to focus on the strategic leadership of our Group with all subsidiaries' CEOs still reporting to him.
Accordingly, Mr. Mauricio Galan, former CEO of Apoyo Economico Familiar, is appointed CEO of Financiera Independencia, and Mr. Arturo Casillas, former Operations Director of Apoyo Economico Familiar takes on the role of CEO of that same subsidiary.
Mr. Noel Gonzalez, Executive Vice President and Group CEO, commented: "As our company evolves and grows, strengthening our management team allows us to better position the Company in a more challenging competitive environment, and to continue to expand our business and improve efficiencies. We welcome Mr. Galan as CEO of Financiera Independencia. His substantial experience in microfinance is an important asset for our Company. He has a solid track record, achieving outstanding results at Apoyo Economico Familiar since founding the firm in 2005 and establishing it as one of the leading personal loan institutions in Mexico City. As current Operations Director of Apoyo Economico Familiar, Mr. Casillas brings in-depth knowledge of the business which makes him the ideal candidate to provide continuity to the business model and thus further improve this subsidiary's market share in the Mexico City and Metropolitan markets, as well as other large cities, a key component of our growth strategy. These appointments, in addition to strengthening our management structures, give me the flexibility to focus on fulfilling a more strategic role in our group of companies."
About Financiera Independencia:
Financiera Independencia, S.A.B. de C.V., SOFOM, E.N.R. (Independencia), is a Mexican microfinance lender of personal loans to individuals and working capital loans through group lending microfinance. Independencia provides microcredit loans on an unsecured basis to individuals in the low-income segments in Mexico in urban and rural areas of both the formal and informal economy. As of March 31, 2012, Independencia had a total outstanding loan balance of Ps.7,367.8 million, operated 517 offices in Mexico, Brazil, and the US and had a total labor force of 12,290 people. The Company listed on the Mexican Stock Exchange on November 1, 2007, where it trades under the symbol "FINDEP". On November 30, 2009 Independencia launched a sponsored Level I American Depositary Receipt (ADR) program in the United States. Each ADR represents 15 shares of Independencia common stock and trades over-the-counter (OTC). More information can be found at www.findep.mx
Some of the statements contained in this press release discuss future expectations or state other forward-looking information. Those statements are subject to risks identified in this press release and in Financiera Independencia's filings with the Mexican Stock Exchange. Actual developments could differ significantly from those contemplated in these forward-looking statements. The forward-looking information is based on various factors and was derived using numerous assumptions. Our forward-looking statements speak only as of the date they are made and, except as may be required by applicable law, we do not have an obligation to update or revise them, whether as a result of new information, future or otherwise.
SOURCE Financiera Independencia, S.A.B. de C.V., SOFOM, E.N.R.