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Citigroup Inc. (NYSE: C)
November 28, 2006
Banamex Presents Awards for Most Outstanding Microfinance Institution
Mexico City – The “Premio Banamex à la Microempresa 2006,” a joint initiative of Prodesarrollo, Finanzas y Microempresa AC and Fomento Social Banamex, was held today in Mexico City. Awards were presented to well known, successful entrepreneurs in eight different categories.
This is the second annual awards ceremony through which Banamex aims to promote microfinance as a tool to fight poverty, acknowledge and disseminate the best practices of successful microentrepreneurs so they can be replicated, expand the role played by microfinance companies in the promotion of their local economy, and foster the creation of microfinancial networks.
The award ceremony was led by Fernando Peón Escalante, Head of Fomento Social Banamex, together with Ma. del Carmen Díaz Amador, General Coordinator of the Programa Nacional de Financiamiento al Microempresario (PRONAFIM) from the Ministry of Economy, Jenny Saltiel Cohen, Secretary of Economic Development of the Federal District, Rubén Aguilar Monteverde, Director of the Consejo de Administración de Servicios Financieros Comunitarios S.A. de C.V. (FINCOMUN), and Loreto Carcía Muriel, Director of Educación Financiera Banamex.
Around 80 microfinance institutions were invited to participate in the competition by nominating their best customers as candidates in the eight different categories. The winners for each category were as follows:
- Rural Innovation: Patricia Cruz Avilés, Yautepec, Morelos – produces and sells chinelos costumes.
- Urban Innovation: Daniel Barrón Rodriguez, Delegación Gustavo A. Madero, Mexico City – manufactured a machine to produce plastic clothespins.
- Rural Trajectory: Maria Adela Guerrero Sánchez, San Salvador El Seco, Puebla -- manufactures stone metates and molcajetes
- Urban Trajectory: Guadalupe del Socorro Ramírez González, Lerdo, Durango – produces and sells roast chickens.
- Rural Consolidation: Magdalena Torres Móvil, Coatepec, Veracruz – produces and sells honey-based products.
- Urban Consolidation: Natividad Talavera Garduño, Chimalhuacán, Estado de México – produces home-delivery baked goods.
- Rural Group: Guillermina Ávalos Castillo, San Francisco Tenopalco, Estado de México – director of a garment manufacturing shop.
- Urban Group: Juana del Carmen Hernández Hernández, Villahermosa, Tabasco – business head for group that sells sundry items (clothing, shoes, ceramic ware, cosmetics, etc.)
The microfinance institution loan officers, who were responsible for nominating their customers as candidates for the awards, were present with the winners during the ceremony and were presented with a diploma recognizing their contribution.
In addition, a special acknowledgement was made for the best success story and was awarded to Gaspar Huerta Tepetla, from Xico, Veracruz, an owner of a bakery who succeeded in bolstering long-term strength of a business that has been in his family for many generations. To recognize his efforts, he was awarded a computer and a course on accounting principles sponsored by Educación Financiera Banamex.
Finally, special acknowledgement was given to Promujer, Fondeso, Compartamos, Fimeder, and Fincomún during the event for their leadership in promoting microfinance and for nominating candidates in each of the eight award categories.
In order to participate, the candidates had to obtain a loan to develop a productive activity granted by a local micro-financing institution, to carry out that activity for a minimum of 18 months, have an excellent credit history, and be in charge of a profitable enterprise.
The jury was made up of 16 renowned specialists in the sector, who were extremely pleased with the quality of the projects presented and the determination of the contestants to be successful in their businesses.
In a speech given by Lic. Fernando Peón during the awards ceremony, he noted: “Microloans are neither donations nor charity. They are very valuable social investments that make loans available to persons, who for different reasons had never been able to obtain one before, by giving them the opportunity they need to shed their impoverishment and prosper. The interest paid by the microentrepreneurs today will become the capital that will enable others to make their business grow tomorrow. This makes microfinances a profitable, self-sufficient development strategy and therefore, viable in the long term to fight poverty and foster development” he added.
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Banamex
Grupo Financiero Banamex is a member of Citigroup, Inc., and it is the leading financial group in Mexico with Banco Nacional de Mexico (Banamex) founded in 1884. The Group has an outstanding position in the country’s financial markets through its affiliates, and it includes deposits, consumer finance, handling resources from investment partnerships and funds for retirement, insurance banking, pensions, and stock market brokerage. The group has an extensive net of distribution of over 1,400 branches and 5,500 ATMs located throughout the country. For more information, visit www.banamex.com.
Citigroup
Citigroup, 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. Major brand names under Citigroup's trademark red umbrella include Citibank, CitiFinancial, Primerica, Smith Barney and Banamex. Additional information may be found at www.citigroup.com.