Javier Flores Moreno, new CEO of the BBVA Microfinance Foundation

19 April 2010

The Foundation is enhancing its organisational and management structure to adapt to the extraordinary growth the institution has undergone in the three years it has been in operation.

Javier Flores Moreno, hitherto Chairman of BBVA Puerto Rico, will join to direct the Foundation’s day-to-day management.

Manuel Méndez del Río, the Foundation’s Chairman, will undertake the institution’s global strategy.

(Madrid, 19th April 2010).- The BBVA Microfinance Foundation will enhance its organisational and management structure to adapt itself to the extraordinary growth it has undergone since its creation almost three years ago. Now present in Colombia, Peru, Puerto Rico and Chile, through its microfinance institutions it attends over 525,000 customers and has 2,800 employees and 232 branch offices.

In order to address this need, the Chairman of the BBVA Microfinance Foundation, Manuel Méndez del Río Piovich, will propose in the next meeting of the Board of Trustees that Javier Flores Moreno be appointed CEO. This incorporation will enable a new organisational and management scheme to be put into place to progress more swiftly towards an even more efficient growth model and to expand the Foundation’s Microfinance Network in Latin America.

Javier  Manuel Flores Moreno is a graduate in Law and holds a Master’s Degree in Business Administration from the University of Houston. His career in banking includes over nineteen years in different posts of responsibility. His most recent to date being that of Chairman of BBVA Puerto Rico.

A new organisational and management structure

The new structure of the BBVA Microfinance Foundation will be split into two areas: The Chairman’s Office and General Management.

The CEO will report to the Chairman’s Office and he will be directly responsible for the day-to-day management of the Foundation. He will supervise the Finance and Investments, Risk Management, Organisation and Processes, Information Systems and Human Resources, Business and Market Development, Management Schemes, Legal Affairs and Administrative Management units.
The functions of the Chairman’s Office, in addition to those associated with the Board of Trustees, will have to do with the BBVA Microfinance Foundation’s global strategy, supervision of internal control, communication and management of intangible assets. These units are Corporate Expansion, Internal Audit, External Relations, the Analysis and Surveys Service and the Board of Trustees General Secretariat.

For the Chairman of the BBVA Microfinance Foundation, Manuel Méndez del Río, “this new organisational model will enable us to adapt to the Foundation’s fast pace of growth and to accelerate the expansion process in Latin America, in order to cater for more customers needing productive microfinance to improve their living conditions and those of their families.”

“We feel very fortunate to have a person on our team with the experience of Javier Flores, who is willing to take on this responsibility and contribute to the success of one of the BBVA Group’s most ambitious initiatives in the field of financial inclusion, the BBVA Microfinance Foundation,” states Manuel Méndez del Río.