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Citigroup Inc. (NYSE: C)
October 30, 2007
Banamex Rewards Most Outstanding Microentrepreneurs in Mexico
Mexico City – Today, the awarding ceremony of the Banamex Microentrepreneurship Awards 2007 was held, a joint initiative of ProDesarrollo, Finanzas y Microempresa AC and Fomento Social Banamex, where recognition was made to microenterprises in nine categories.
For a third year in a row, the objective of this international project, supported by Citi Foundation, is:
- Promote microfinance as a tool for the economic development in the least favored classes;
- Recognize and disseminate microenterprises' successful business practices;
- Support the national microfinancial institutions in their role as promoters of development of the local economies, and
- Foster the creation of micro-financial networks.
Close to 80 microfinancial institutions were invited to participate in the contest and they were asked to submit their best customers as candidates in the different categories. The winners were:
- Rural innovation: Álvaro Carlos Avelar López, proposed by Banco Compartamos of Amecameca, State of Mexico, who recycles and processes plastic for the manufacture of roofing sheets.
- Urban innovation: Arnoldo Morales Luévano, proposed by Fondo Asunción of the City of Aguascalientes, who has a workshop to perform work in semi-precious stones.
- Rural trajectory: Felipa Moreno García, proposed by Banco Compartamos of El Huarache, Lerdo, Durango, who has a food enterprise.
- Urban trajectory: Miguel Angel Valdez Huerta, proposed by Desarrollo Autogestionario of Coatepec, Veracruz, whose enterprises is the purchase and sale of recyclable materials.
- Rural consolidation: Laura Leticia García Velázquez, proposed by Promujer, inhabitant of San Sebastian Zumpango, State of Mexico, who embroiders and stamps textile garments.
- Urban consolidation: Maria Veronica Uribe Valero, proposed by Banco Compartamos of Monterrey, Nuevo Leon, whose enterprises consists of leasing furniture for parties.
- Rural group: Josefa Patricia Vazquez Hernandez, proposed by Alternativa Solidaria Chiapas of Nachig, Zinacantán, Chiapas, who has a carpentry workshop.
- Urban success story: Gustavo Paredes Gonzalez, proposed by Fincomún, of Mexico City, whose enterprises is the manufacture of school uniforms.
- Rural success story: Andrea Maura Perez Vazquez, proposed by Alternativa Solidaria Chiapas, of Zacualpa, Chiapas, who is engaged in growing vegetables.
Each of the winners was given a prize for the equivalent of thirty thousand pesos and a course on accounting principles sponsored by Banamex Financial Education. Additionally, in each category, up to two special mentions were awarded; on this occasion to ten microentrepreneurs, who received a prize of three thousand pesos and the course sponsored by Banamex Financial Education.
The credit advisers of the microfinancial enterprises that proposed their customers as candidates accompanied the winners in the ceremony and were awarded a diploma.
During the events, special recognitions were made to Pro Mujer, Compartamos, and Fincomún as they were the most outstanding microfinancial institutions for the candidates proposed in the different categories.
To be eligible, the requirement was that the candidates had obtained any credit for the development of a productive activity, granted by a domestic microfinancial institution, had dedicated a minimum of 18 months to this activity; to have an excellent credit history, and to lead a profitable enterprise.
The jury was made up by nine recognized specialists of the sector, who not only had the difficult decision of analyzing and choosing among the extraordinary candidates, but also of contributing their knowledge to suggest improvements to the projects.
Concerning the Banamex Microentrepreneurship Awards 2007, Enrique Zorrilla, CEO of Banco Nacional de México, said: "Banamex has always been interested in promoting development in Mexico. In microfinance, we see a very powerful instrument to fight poverty, while promoting the development and economic growth of the country. For this reason, the decision was made several years ago to support this initiative that recognizes and rewards the effort and talent of microentrepreneurs and of the institutions that support them".
During its intervention in the ceremony, Jorge Hierro Molina, Executive Director of Banamex Institutional Relationships, said: "Microfinance should not be seen as a charity or welfare instrument. The growth and success of microfinancial institutions are evidence that with imagination and adequate programs, credit to low income segments can be a profitable enterprise and, consequently, feasible in the long term".
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Grupo Financiero Banamex
Grupo Financiero Banamex is a member of Citigroup, Inc., and it is the leading financial group of Mexico with Banco Nacional de México (Banamex), founded in 1884. Through its affiliates, the Group maintains a pre-eminent position in the financial markets of the country, including deposits, consumer financing, management of mutual funds and retirement funds, banking, insurance, pensions, and stock brokerage services. The Group has an extensive distribution network of more than 1,450 branches and 5,000 ATM’s nationwide. For further information, visit www.banamex.com
Citi
Citi, the leading global financial services company, has some 200 million customer accounts and does business in more than 100 countries, providing consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, and wealth management. Citi's major brands include Citibank, CitiFinancial, Primerica, Smith Barney and Banamex. Additional information may be found at www.citigroup.com or www.citi.com.