MEXICO CITY, Jan 16 (Reuters) - Mexican banker Alejandro Valenzuela, who in November resigned as chief executive of the country’s fourth-biggest bank by assets, Banorte, has been appointed CEO of billionaire Ricardo Salinas’ Banco Azteca, its parent Grupo Elektra told the local bourse on Friday.
Valenzuela will take over at Azteca, the-11th biggest bank by total assets, which use branches housed in Elektra retail home appliance stores to make small loans to lower income clients.
Valenzuela replaces Luis Nino de Rivera, who will become the vice president of the bank’s board of directors, Elektra said in a statement.
Banorte replaced Valenzuela in November with Carlos Hank Gonzalez, the grandson of Roberto Gonzalez, who founded Grupo Financiero Banorte. (Reporting by Michael O‘Boyle; Editing by Steve Orlofsky)