Background on Key Figures and Institutions
Bankaool: A financial institution based in Chihuahua, Mexico, with a focus on banking services and foreign exchange operations. In 2023, Group OMNi acquired Bankaool’s operations.
Moisés Cháves: President of the Board at Bankaool and CEO of OMNi, leading strategic decisions for both entities.
Héctor Andréz Ruíz López: A seasoned financial professional with over 25 years of experience in institutions like Banco Monex and Intercam Banco. He has been appointed as the new Director Executive of the Foreign Exchange Division at Bankaool.
Intercam Banco and the Foreign Exchange Division
Intercam Banco, a credit institution with a strong focus on foreign exchange operations, primarily the peso-dollar conversion. Héctor Andréz Ruíz López was previously responsible for Intercam’s foreign exchange division.
The Transition
Upon learning of the issues faced by CI Banco, Intercam, and Vector, Moisés Cháves and Bankaool approached the affected institutions to ensure a smooth transition.
Cháves explained, “We attempted to collaborate with Intercam for an orderly transition; however, it did not work out. We managed to hire 280 of the 750 employees from Intercam’s foreign exchange division.”
The new executives aim to capture 40% of Intercam’s daily $820 million foreign exchange volume, according to Cháves.
Héctor Andréz Ruíz López’s Role
With extensive experience in financial institutions, Héctor Andréz Ruíz López will lead a team of promoters providing services to clients under strict control, compliance, security, and supervision by the National Banking and Securities Commission (CNVB).
Bankaool’s Growth Strategy
Bankaool aims to expand its lines of business, including treasury, loans, payroll, and the development of the foreign exchange division in the future.
Cháves stated, “We approached the intervened banks, showed interest in their operations, and successfully developed the foreign exchange division with the integration of new personnel.”
He added, “We were planning to develop the business line, and by integrating new employees, we can save three years of learning curve in this area.”
The Foreign Exchange Business Landscape
Cháves noted that the foreign exchange business has low profit margins, so Bankaool intends to offer cross-selling services to new clients and provide a comprehensive banking package with all services.
Key Questions and Answers
- Who is Héctor Andréz Ruíz López? A seasoned financial professional with over 25 years of experience in institutions like Banco Monex and Intercam Banco, appointed as the new Director Executive of the Foreign Exchange Division at Bankaool.
- What was the purpose of Bankaool’s approach to Intercam Banco? To ensure a smooth transition and develop the foreign exchange division by integrating experienced professionals.
- What are Bankaool’s growth plans? To expand lines of business, including treasury, loans, payroll, and foreign exchange, by integrating new personnel.
- Why is the foreign exchange business significant for Bankaool? Although it has low profit margins, it allows Bankaool to offer cross-selling services and comprehensive banking packages to new clients.
