Equity Research Me Xico

Equity Research Me xico

Quarterly Report July 29, 2020 SORIANA www.banorte.com Impacted by rents relief and “Julio Regalado” @analisis_fundam

. Soriana reported below expectations, due to 2 months of rents relief Consumer and Telecom granted to its tenants in the real estate business (1.8% sales; 17% of Valentín Mendoza EBITDA), as well as drops in "Julio Regalado" campaign Senior Strategist, Equity [email protected] . 5 stores closed during the quarter of those that were still pending Juan Barbier under the conditions imposed by COFECE. 3Q20 will reflect a similar Analyst impact from reliefs and weakness in its summer campaign [email protected]

. We trimmed our estimates, after incorporating these results and assuming a challenging 2H20. We are lowering our PT2020 to $23.00 HOLD (FV/EBITDA 2021E of 5.2x equal to current valuation). HOLD Current Price $18.05 PT 2020 $23.00 Dividend 2020e Dividend Yield (%) Pressures in profitability that could continue. In June, Soriana recognized Upside Potential 27.4% half the impact on 2 months of rents reliefs granted to its tenants (the remaining Max – Mín LTM ($) 27.50 – 16.14 Market Cap (US$m) 1,453.6 will be registered in July). Its “Julio Regalado” campaign, which kicked-off in Shares Outstanding (m) 1,800 June, declined a high-single-digit –due to challenging macroeconomic Float 13.8% Daily Turnover US$m 2.0 environment-. And also carried out the closure of 5 pending stores related to its Valuation metrics TTM FV/EBITDA 5.2x divestment program required by COFECE. That said, sales grew 1.4% y/y to P/E 10.1x MXN 39.637 billion, on the back of a 2.6% advance in SSS, offsetting a 1.0% y/y contraction in sales floor. Meanwhile, gross margin was pressured 60bps to Relative performance to Mexbol 21.2%, due to falling rents income (though its 1.8% contribution to revenues is LTM marginal, account for about 17% of EBITDA) and a less favorable mix. Thus, 40% 30% despite a remarkable expense control (0.7% y/y), EBITDA fell 5.2% y/y to 20% MXN 2.853 billion and corresponding margin eroded 50bps to 7.2%. Net 10% 0% income grew 3.0% y/y, thanks to a 17.8% decrease in the CFC in regard of -10% lower interest expenses (reflecting the q/q decline in leverage from 2.8x to 2.6x -20% -30% after the sequential reduction of MXN 2.580 billion in debt) and FX gains, as jul.-19Jul.-19 Oct.oct.-19-19 Jan.ene.-20-20 Apr.abr.-20-20 Jul.jul.-20-20 MEXBOL SORIANAB well as for lower losses in Soriban and Sodimac.

Financial Statements Valuation and Financial metrics 2018 2019 2020E 2021E 2018 2019 2020E 2021E Rev enue 153,475 155,744 156,315 159,237 FV/EBITDA 4.9x 5.2x 5.2x 4.4x Operating Income 8,068 9,213 8,376 9,071 P/E 9.0x 10.0x 11.8x 9.8x

EBITDA 10,884 12,372 11,482 12,113 P/BV 0.5x 0.5x 0.5x 0.5x

EBITDA Margin 7.1% 7.9% 7.3% 7.6% Net Income 3,605 3,235 2,758 3,299 ROE 6.0% 5.1% 4.2% 4.8% Net Margin 2.3% 2.1% 1.8% 2.1% ROA 2.7% 2.2% 2.0% 2.5% EBITDA/ interest 4.7x 3.4x 3.1x 3.3x Total Assets 132,967 145,728 137,182 132,032 Net Debt/EBITDA 1.9x 2.5x 2.4x 1.7x

Cash 2,231 1,921 1,463 1,694 Debt/Equity 0.4x 0.5x 0.4x 0.3x Total Liabilities 71,024 81,722 70,271 61,396 Debt 22,663 33,346 28,600 22,563 This document is provided for the reader’s convenience Common Equity 61,944 64,006 66,911 70,636 only. The translation from the original Spanish version Source: Banorte was made by Banorte’s staff. Discrepancies may possibly arise between the original document in Spanish and its English translation. For this reason, the original research paper in Spanish is the only official document. The Spanish version was released before the English translation. The original document entitled “Impactan concesiones de rentas y “Julio Regalado”” was released 1 on July 27, 2020. D t f di t ib ti bli

SORIANA – Results 2Q20 Revenue & EBITDA Margin MXN, million MXN, million Diff% vs Concept 2Q19 2Q20 Var % 2Q20e Estim. Revenue 39,096 39,637 1.4% 41,387 -4.2% 9.2% 43,000 10% Operating Income 2,199 2,054 -6.6% 2,568 -20.0% 7.7% Ebitda 3,010 2,853 -5.2% 3,359 -15.1% 7.7% 42,000 6.9% 7.2% 8% Net Income 796 820 3.0% 1,083 -24.3% 41,000 Margins 6% Operating Margin 5.6% 5.2% -0.4pp 6.2% -1.0pp 40,000 Ebitda Margin 7.7% 7.2% -0.5pp 8.1% -0.9pp 4% Net Margin 2.0% 2.1% 0.0pp 2.6% -0.5pp 39,000 EPS $0.44 $0.46 3.0% $0.60 -24.3% 38,000 2%

37,000 0% Income Statement (Million pesos) 2Q19 3Q19 4Q19 1Q20 2Q20 Year 2019 2020 2020 Change Change Revenue EBITDA Margin Quarter 2 1 2 % y/y % q/q

Net Revenue 39,096 38,755 39,637 1.4% 2.3% Costs of goods sold 30,588 30,272 31,217 2.1% 3.1% Gross profit 8,508 8,483 8,421 -1.0% -0.7% General expenses 6,340 6,357 6,388 0.7% 0.5% Net Income & ROE Operating Income 2,199 2,207 2,054 -6.6% -6.9% MXN, million Operating Margin 5.6% 5.7% 5.2% (0.4pp) (0.5pp) Depreciation 811 795 799 -1.4% 0.6% EBITDA 3,010 3,001 2,853 -5.2% -4.9% 5.4% 1,400 5.5% EBITDA Margin 7.7% 7.7% 7.2% (0.5pp) (0.5pp) 5.3% 5.4% Interest Income (Expense) net (862) (1,034) (708) -17.8% -31.5% 1,200 5.3% Interest expense 933 831 837 -10.3% 0.8% 1,000 5.2% Interest income 64 56 67 4.4% 19.7% 5.1% 800 Other income (expense) N.A. N.A. 5.1% 4.9% 4.9% Foreign exchange gain (loss) 7 (259) 62 >500% N.A. 600 5.0% 4.9% Unconsolidated subsidiaries (133) (144) (95) -28.2% -33.8% 400 Income before taxes 1,204 1,029 1,251 3.9% 21.6% 4.8% 200 Income taxes 399 332 427 7.0% 28.7% 4.7% Discontinued operations N.A. N.A. 0 4.6% Consolidated Net Income 805 697 824 2.3% 18.2% 2Q19 3Q19 4Q19 1Q20 2Q20 Non-controlling interest 9 6 4 -62.5% -43.0% Net Income 796 691 820 3.0% 18.7% Net Income ROE Net Margin 2.0% 1.8% 2.1% 0.0pp 0.3pp EPS 0.442 0.384 0.456 3.0% 18.7%

Balance Sheet (Million pesos) Total Current Assets 48,589 44,089 42,942 -11.6% -2.6% Net Debt & Net Debt to EBITDA ratio Cash & Short Term Investments 2,795 2,250 1,993 -28.7% -11.4% MXN, million Long Term Assets 99,374 98,974 99,004 -0.4% 0.0% Property, Plant & Equipment (Net) 68,090 67,203 67,239 -1.2% 0.1% Intangible Assets (Net) 20,338 20,364 20,360 0.1% 0.0% 45,000 3.6x 4.0x Total Assets 147,963 143,062 141,946 -4.1% -0.8% 40,000 3.5x Current Liabilities 44,045 43,667 45,967 4.4% 5.3% 2.8x 2.8x 35,000 2.6x Short Term Debt 6,674 15,049 16,751 151.0% 11.3% 2.5x 3.0x 30,000 Accounts Payable 35,845 26,401 26,524 -26.0% 0.5% 2.5x 25,000 Long Term Liabilities 40,677 34,728 30,495 -25.0% -12.2% 2.0x 20,000 Long Term Debt 28,363 22,168 17,887 -36.9% -19.3% 1.5x Total Liabilities 84,722 78,395 76,462 -9.7% -2.5% 15,000 1.0x Stockholders’ Equity 63,241 64,667 65,483 3.5% 1.3% 10,000 Non-controlling interest 129 120 124 -3.7% 3.2% 5,000 0.5x Total Equity 63,112 64,547 65,359 3.6% 1.3% 0 0.0x Liabilities & Equity 147,963 143,062 141,946 -4.1% -0.8% 2Q19 3Q19 4Q19 1Q20 2Q20 Net Debt 32,242 34,967 32,644 1.2% -6.6% Net Debt Net Debt to EBITDA

Cash Flow CF from Operating Activities 5,535.3 (2,124.0) 3,658.9 CF from Investing Activities (450.0) (353.8) (402.3) CF from Financing Activities (4,924.8) 2,807.0 (3,513.4) FX effect on cash

Change in Cash Balance 160.5 329.2 (256.9) Source: Banorte, MSE.

2020 Estimates

We trimmed our estimates, after incorporating these results and adopting a more conservative stance for the 2H20. We certainly expect retail sector would remain defensive amidst the complex macroeconomic outlook resulting from the COVID-19 pandemic. Nonetheless, we believe Soriana's result would begin to slow down in the second half of the year, as a result of a lower economic activity and its impact on consumption, while maintaining its underperformance against ANTAD food retailers. Additionally, as the company's executive team noticed during the second quarter results conference call, the 3Q20 will reflect the remaining 50% of the impact on reliefs granted to tenants of its real estate business. Likewise, “Julio Regalado” is facing a challeging economic environment for a volume campaign (reflected in 9% y/y falls). In addition, the company will face a tough comp following the recent closure of 5 of its units, related to its divestment program required by COFECE after the acquisition of Comerci’s units. In this context, according to our projections model, we now estimate that in 2020 total revenue will remain virtually stable, reaching MXN 156.315 billion (0.4% y/y), driven mainly by a 1.2% advance in SSS, which would partially offset a 0.4% sales floor reduction, after the net closure of 6 units. Meanwhile, we expect gross margin to fall 50bps to 21.7%; due to lower real estate income impact already described and a less favorable mix. As for EBITDA, we now project the indicator would amount MXN 11.482 billion, equivalent to a 7.2%year-over-year decrease and a 60bps EBITDA margin contraction to 7.3%, due to lower gross profitability and lower operating leverage, regardless of a strict expense control. Finally, we estimate a net income of MXN 2.758 billion, decreasing 14.8% y/y as a result of operating weakness already described and a 7.6% increase in the CFC due to FX losses. Although it is worth noting that interest payments should decrease slightly, given debt reduction in light Soriana’s deleveraging strategy under which will be allocating most of cash flow for this goal.

Concept 2020E 2021E Previous Current Variation Previous Current Variation SSS 4.5% 1.2% -3.3% 2.8% 1.6% -1.2% Revenue 160,676 156,315 -2.7% 165,795 159,237 -4.0% EBITDA 12,798 11,482 -10.3% 13,045 12,133 -7.0% EBITDA Margin 8.0% 7.3% -0.7pp 7.9% 7.6% -0.3 Net Income 4,208 2,758 -34.5% 4,894 3,299 -32.6% Source: Banorte

Lowering our PT2020 to $23.00 with a HOLD rating Soriana's intrinsic value was calculated by using a relative valuation model. We determined a FV/EBITDA 2020E target multiple of 6.0x, above current valuation of 5.2x and similar to the 3-year average (5.9x), yet below the median of food retailers in Mexico and globally at 9.0x and 8.4x, respectively. We believe the company's low growth and expected profitability pressures could limit a significant rerating in the stock´s valuation. That said, we lower our PT2020 to $23.00 from $31.00. Consequently, considering Soriana's outlook is still challenging, we are downgrading our rating to HOLD.

Market Cap Enterprise Value P/E FV/EBITDA Dividen Yield Stock P/B (US$m) (US$m) LTM 2020E 2021E LTM 2020E 2021E

LA COMER SAB DE CV 1,279 1,191 1.6x 27.8x 28.2x 26.7x 10.6x 10.2x 9.1x GRUPO COMERCIAL CHEDRAUI SA 1,156 2,845 0.9x 13.5x 11.9x 11.0x 6.3x 6.3x 6.2x 1.7% WALMART DE MEXICO SAB DE CV 43,075 44,421 5.8x 29.5x 25.6x 21.9x 13.4x 12.7x 11.9x 1.7%

WALMART INC 370,136 436,508 5.4x 26.4x 25.9x 24.1x 12.9x 13.3x 13.0x 1.7% COSTCO WHOLESALE CORP 144,197 145,335 8.6x 38.1x 38.3x 35.1x 21.4x 19.7x 0.9% TARGET CORP 61,967 73,891 5.5x 22.6x 24.0x 18.5x 11.2x 11.9x 10.1x 2.2% KONINKLIJKE AHOLD DELHAIZE N 32,557 46,664 1.9x 13.9x 13.3x 13.4x 6.8x 6.8x 6.9x 3.0% CARREFOUR SA 13,238 31,757 1.2x 11.1x 10.2x 7.0x 6.2x 6.2x 1.7% AEON CO LTD 21,368 38,222 2.2x 74.4x 9.8x 7.8x 1.4% JERONIMO MARTINS 10,931 13,743 4.9x 28.0x 24.9x 20.6x 8.5x 8.3x 7.7x 1.4% CENCOSUD SA 4,885 9,833 0.8x 24.7x 14.1x 8.1x 9.1x 8.5x 1.9% SAINSBURY (J) PLC 5,491 13,924 0.6x 10.1x 9.9x 5.6x 5.3x 4.9x 1.7% LOTTE SHOPPING CO 1,852 14,234 0.2x 9.6x 9.8x 10.4x 9.2x 4.9% CASINO GUICHARD PERRACHON 3,330 21,746 0.8x 14.8x 11.8x 9.6x 7.3x 7.1x CIA BRASILEIRA DE DIS-PREF 4,057 8,541 12.0x 9.8x 8.4x AXFOOD AB 4,765 5,386 12.4x 23.8x 23.5x 22.8x 8.7x 10.2x 9.9x 3.5%

Average Food Retailers 45,268 56,765 3.5x 24.8x 21.2x 21.6x 9.3x 9.9x 9.2x 2.1% Median Food Retailers 8,211 17,990 1.9x 26.4x 24.0x 18.5x 9.1x 9.8x 8.5x 1.7%

ORGANIZACION SORIANA S.A.B-B 1,356 2,847 0.5x 10.1x 11.8x 9.8x 5.2x 5.2x 4.4x Premium/Discount vs Median -73.5% -61.8% -50.8% -47.1% -43.2% -46.9% -48.0% Source: Banorte, Bloomberg -61.8% -50.8% -47.1% -43.2% -46.9% -48.0%

Soriana- FV/EBITDA forward 12M Times 8.5x FV/EBITDA Promedio3Y Average 3A 8.0x 7.5x 7.0x 6.5x 6.0x 5.9x 5.5x 5.0x 4.5x 4.0x jul.-17Jul.-17 ene.-18 Jan.-18 jul.-18Jul.-18 ene.-19 Jan.-19 jul.-19Jul.-19 ene.-20 Jan.-20 jul.-20 Jul.-20

Source: Bloomberg, Banorte

Certification of Analysts. We, Gabriel Casillas Olvera, Alejandro Padilla Santana, Delia María Paredes Mier, Juan Carlos Alderete Macal, Manuel Jiménez Zaldívar, Marissa Garza Ostos, Tania Abdul Massih Jacobo, Francisco José Flores Serrano, Katia Celina Goya Ostos, Santiago Leal Singer, José Itzamna Espitia Hernández, Valentín III Mendoza Balderas, Víctor Hugo Cortes Castro, Hugo Armando Gómez Solís, Miguel Alejandro Calvo Domínguez, Luis Leopoldo López Salinas, Leslie Thalía Orozco Vélez, Gerardo Daniel Valle Trujillo, Eridani Ruibal Ortega and Juan Barbier Arizmendi, certify that the points of view expressed in this document are a faithful reflection of our personal opinion on the company (s) or firm (s) within this report, along with its affiliates and/or securities issued. Moreover, we also state that we have not received, nor receive, or will receive compensation other than that of Grupo Financiero Banorte S.A.B. of C.V for the provision of our services.

Relevant statements. In accordance with current laws and internal procedures manuals, analysts are allowed to hold long or short positions in shares or securities issued by companies that are listed on the Mexican Stock Exchange and may be the subject of this report; nonetheless, equity analysts have to adhere to certain rules that regulate their participation in the market in order to prevent, among other things, the use of private information for their benefit and to avoid conflicts of interest. Analysts shall refrain from investing and holding transactions with securities or derivative instruments directly or through an intermediary person, with Securities subject to research reports, from 30 calendar days prior to the issuance date of the report in question, and up to 10 calendar days after its distribution date.

Compensation of Analysts. Analysts’ compensation is based on activities and services that are aimed at benefiting the investment clients of Casa de Bolsa Banorte and its subsidiaries. Such compensation is determined based on the general profitability of the Brokerage House and the Financial Group and on the individual performance of each analyst. However, investors should note that analysts do not receive direct payment or compensation for any specific transaction in investment banking or in other business areas.

Last-twelve-month activities of the business areas. Grupo Financiero Banorte S.A.B. de C.V., through its business areas, provides services that include, among others, those corresponding to investment banking and corporate banking, to a large number of companies in Mexico and abroad. It may have provided, is providing or, in the future, will provide a service such as those mentioned to the companies or firms that are the subject of this report. Casa de Bolsa Banorte or its affiliates receive compensation from such corporations in consideration of the aforementioned services.

Over the course of the last twelve months, Grupo Financiero Banorte S.A.B. C.V., has not obtained compensation for services rendered by the investment bank or by any of its other business areas of the following companies or their subsidiaries, some of which could be analyzed within this report.

Activities of the business areas during the next three months. Casa de Bolsa Banorte, Grupo Financiero Banorte or its subsidiaries expect to receive or intend to obtain revenue from the services provided by investment banking or any other of its business areas, by issuers or their subsidiaries, some of which could be analyzed in this report.

Securities holdings and other disclosures. As of the end of last quarter, Grupo Financiero Banorte S.A.B. of C.V. has not held investments, directly or indirectly, in securities or derivative financial instruments, whose underlying securities are the subject of recommendations, representing 1% or more of its investment portfolio of outstanding securities or 1 % of the issuance or underlying of the securities issued.

None of the members of the Board of Grupo Financiero Banorte and Casa de Bolsa Banorte, along general managers and executives of an immediately below level, have any charges in the issuers that may be analyzed in this document.

The Analysts of Grupo Financiero Banorte S.A.B. of C.V. do not maintain direct investments or through an intermediary person, in the securities or derivative instruments object of this analysis report.

Guide for investment recommendations.

Reference

BUY When the share expected performance is greater than the MEXBOL estimated performance. HOLD When the share expected performance is similar to the MEXBOL estimated performance. SELL When the share expected performance is lower than the MEXBOL estimated performance. Even though this document offers a general criterion of investment, we urge readers to seek advice from their own Consultants or Financial Advisors, in order to consider whether any of the values mentioned in this report are in line with their investment goals, risk and financial position.

Determination of Target Prices For the calculation of estimated target prices for securities, analysts use a combination of methodologies generally accepted among financial analysts, including, but not limited to, multiples analysis, discounted cash flows, sum-of-the-parts or any other method that could be applicable in each specific case according to the current regulation. No guarantee can be given that the target prices calculated for the securities will be achieved by the analysts of Grupo Financiero Banorte S.A.B. C.V, since this depends on a large number of various endogenous and exogenous factors that affect the performance of the issuing company, the environment in which it performs, along with the influence of trends of the stock market, in which it is listed. Moreover, the investor must consider that the price of the securities or instruments can fluctuate against their interest and cause the partial and even total loss of the invested capital.

The information contained hereby has been obtained from sources that we consider to be reliable, but we make no representation as to its accuracy or completeness. The information, estimations and recommendations included in this document are valid as of the issue date, but are subject to modifications and changes without prior notice; Grupo Financiero Banorte S.A.B. of C.V. does not commit to communicate the changes and also to keep the content of this document updated. Grupo Financiero Banorte S.A.B. of C.V. takes no responsibility for any loss arising from the use of this report or its content. This document may not be photocopied, quoted, disclosed, used, or reproduced in whole or in part without prior written authorization from Grupo Financiero Banorte S.A.B. of C.V. History of PT and ratings Stock Date Recommendation PT SORIANA 27/07/20 Hold $23.00 SORIANA 25/10/19 Buy $31.00 SORIANA 26/07/19 Hold $26.00 SORIANA 8/01/19 Hold $33.00

GRUPO FINANCIERO BANORTE S.A.B. de C.V.

Research and Strategy Gabriel Casillas Olvera IRO and Chief Economist [email protected] (55) 4433 - 4695 Raquel Vázquez Godinez Assistant [email protected] (55) 1670 - 2967 Lourdes Calvo Fernández Analyst (Edition) [email protected] (55) 1103 - 4000 x 2611

Economic Research and Financial Market Strategy Executive Director of Economic Research and Financial Alejandro Padilla Santana [email protected] (55) 1103 - 4043 Markets Strategy Itzel Martínez Rojas Analyst [email protected] (55) 1670 - 2251

Economic Research Juan Carlos Alderete Macal, CFA Director of Economic Research [email protected] (55) 1103 - 4046 Francisco José Flores Serrano Senior Economist, Mexico [email protected] (55) 1670 - 2957 Katia Celina Goya Ostos Senior Economist, Global [email protected] (55) 1670 - 1821 Luis Leopoldo López Salinas Economist, Global [email protected] (55) 1103 - 4000 x 2707

Market Strategy Manuel Jiménez Zaldívar Director of Market Strategy [email protected] (55) 5268 - 1671

Fixed income and FX Strategy Santiago Leal Singer Senior Strategist, Fixed Income and FX [email protected] (55) 1670 - 2144 Leslie Thalía Orozco Vélez Strategist, Fixed Income and FX [email protected] (55) 5268 - 1698

Equity Strategy Marissa Garza Ostos Director of Equity Strategy [email protected] (55) 1670 - 1719 José Itzamna Espitia Hernández Senior Strategist, Equity [email protected] (55) 1670 - 2249 Valentín III Mendoza Balderas Senior Strategist, Equity [email protected] (55) 1670 - 2250 Víctor Hugo Cortes Castro Senior Strategist, Technical [email protected] (55) 1670 - 1800 Eridani Ruibal Ortega Analyst [email protected] (55) 1103 - 4000 x 2755 Juan Barbier Arizmendi Analyst [email protected] (55) 1670 - 1746

Corporate Debt Tania Abdul Massih Jacobo Director of Corporate Debt [email protected] (55) 5268 - 1672 Hugo Armando Gómez Solís Senior Analyst, Corporate Debt [email protected] (55) 1670 - 2247 Gerardo Daniel Valle Trujillo Analyst, Corporate Debt [email protected] (55) 1670 - 2248

Economic Studies Delia María Paredes Mier Executive Director of Economic Studies [email protected] (55) 5268 - 1694 Miguel Alejandro Calvo Domínguez Senior Analyst, Economic Studies [email protected] (55) 1670 - 2220

Wholesale Banking Armando Rodal Espinosa Head of Wholesale Banking [email protected] (81) 8319 - 6895 Alejandro Aguilar Ceballos Head of Asset Management [email protected] (55) 5268 - 9996 Alejandro Eric Faesi Puente Head of Global Markets and Institutional Sales [email protected] (55) 5268 - 1640

Alejandro Frigolet Vázquez Vela Head of Sólida Banorte [email protected] (55) 5268 - 1656 Arturo Monroy Ballesteros Head of Investment Banking and Structured Finance [email protected] (55) 5004 - 1002 Carlos Alberto Arciniega Navarro Head of Treasury Services [email protected] (81) 1103 - 4091 Gerardo Zamora Nanez Head of Transactional Banking, Leasing and Factoring [email protected] (81) 8318 - 5071

Jorge de la Vega Grajales Head of Government Banking [email protected] (55) 5004 - 5121 Luis Pietrini Sheridan Head of Private Banking [email protected] (55) 5004 - 1453 Lizza Velarde Torres Executive Director of Wholesale Banking [email protected] (55) 4433 - 4676 Osvaldo Brondo Menchaca Head of Specialized Banking Services [email protected] (55) 5004 - 1423 Raúl Alejandro Arauzo Romero Head of Transactional Banking [email protected] (55) 5261 - 4910 René Gerardo Pimentel Ibarrola Head of Corporate Banking [email protected] (55) 5268 - 9004 Ricardo Velázquez Rodríguez Head of International Banking [email protected] (55) 5004 - 5279 Víctor Antonio Roldan Ferrer Head of Commercial Banking [email protected] (55) 5004 - 1454