Banorte CEO Resigns

Luis Pena, CEO of Mexico’s Grupo Financiero Banorte, resigned from his position, the bank said Monday. Banorte did not give a reason for the resignation. Pena joined the institution, one of Mexico’s last big banks owned by local investors, as chief executive in 2004, and has overseen a period of expansion in Mexico and the US. Alejandro Valenzuela, head of treasury and capital markets, has been named interim CEO. Banorte gave no details regarding permanent plans for replacing Pena.