Equity Research

TLEVISA Corporate Note January 22, 2019

www..com Attractive valuation but few catalysts @analisis_fundam

. In 2019, will face a difficult comparative basis due to the sale of the World Cup’s licensing rights, a slowdown in royalties by Manuel Jiménez Univision and lower advertising spending by the federal government Director Equity Research [email protected] . Televisa acquired part of Axtel’s residential fiber-to-the-home

business, which complemented the group’s operations. The company HOLD could obtain synergies by integrating these RGU’s Current Price $46.12 PT 2019 $57.00 . We have set a 2019PT of MXN$57, equaling a 7.5x 2019E Dividend 2019e 0.35 Dividend Yield (%) 0.8% EV/EBITDA multiple vs. the current 6.1x level. Although the Upside Potential 24.3% appreciation potential is interesting, we see few catalysts in the short ADR current price US$11.96 PO2019 ADR US$13.38 term # Shares each ADR 5 Max – Mín LTM (P$) 79.43 – 46.12 We anticipate a fall in Content due to less advertising sales and a difficult Market Cap (US$m) 6,994 Shares Outstanding (m) 2,910 comparative. Grupo Televisa’s share valuation presents a significant decline Float 80% vs. current trading levels. This is attributed to an uncertain local context, lower Daily Turnover US$m 171 Valuation metrics TTM appetite for global-wide risky assets, an expectation of lower advertising EV/EBITDA 6.1x spending from the federal government, an extraordinary adjustment in P/E 20.6x royalties from Univision and a difficult comparative basis on the Sale of Relative performance to Mexbol Licenses and television programing. On the other hand, the intention to sell LTM AT&T’s stake in Sky (41%) could delay the consolidation process in the 10% sector that is anticipated by investors. In 2019, we forecast a 0.2% and 1.1% 0% -10% decline in revenue and EBITDA, respectively, representing a 30bp contraction -20% in EBITDA margin to 37.7%. Moreover, we estimate an 11.8% rally in -30% financial expenses, by incorporating our FX estimate (MXN$ 21.30 per USD), -40% -50% and a 46.2% drop in net profit. In order to determine the theoretical value of -60% ene-18 abr-18 jul-18 oct-18 ene-19 the company’s shares, we used a DCF valuation model including a value of MEXBOL TLEVICPO US$ 1.2 billion for Televisa’s interest in Univision. We have a HOLD recommendation.

Financial statements Valuation and financial metrics MXN, Million 2016 2017 2018E 2019E 2016 2017 2018E 2019E

Rev enues 96,287 93,697 100,670 100,431 EV/EBITDA 6.5x 6.9x 6.5x 6.6x Operating Income 16,598 14,243 20,755 16,796 P/E 36.1x 32.2x 19.8x 36.9x

Adjusted EBITDA 36,715 35,175 38,278 37,863 P/BV 1.6x 1.6x 1.6x 1.5x EBITDA Margin 38.13% 37.54% 38.02% 37.70%

Net Income 3,721 4,193 6,756 3,634 ROE 4.5% 4.9% 7.8% 4.2% Net margin 3.86% 4.47% 6.71% 3.62% ROA 1.2% 1.4% 2.3% 1.2%

EBITDA/ Interest ex penses 4.3x 3.8x 4.0x 3.7x Total Assets 306,883 297,220 295,128 303,040 Net Debt/EBITDA 2.5x 2.7x 2.6x 2.7x

Cash 47,546 38,735 31,523 35,573 Debt/Equity 1.5x 1.3x 1.3x 1.4x Total Liabilities 212,089 197,563 194,735 201,628 This document is provided for the reader’s convenience Debt 140,070 133,404 131,867 138,872 only. The translation from the original Spanish version was made by Banorte’s staff. Discrepancies may Common Equity 94,794 99,657 100,392 101,412 possibly arise between the original document in Spanish and its English translation. For this reason, the original Source: Banorte research paper in Spanish is the only official document. The Spanish version was released before the English translation. The original document entitled “Atractiva valuación pero pocos catalizadores” was released on January 22, 2019. Document for distribution among public 1

TLEVISA–Financial Statements Revenue & EBITDA Margin MXN, million MXN, million Income Statement Year 2016 2017 2018E 2019E CAGR 110,000 39.0% 38.3% Net Revenue 96,287 93,697 100,670 100,431 1.4% 38.1% 100,000 38.0% Cost of goods sold 52,378 53,077 57,459 57,881 3.4% 37.5% 90,000 38.0% Gross profit 43,910 40,620 43,211 42,550 -1.0% General expenses 24,174 23,954 24,741 24,749 0.8% 80,000 37.7% 37.0% Operating Income 16,598 14,243 20,755 16,796 0.4% 70,000 Operating Margin 17.2% 15.2% 20.6% 16.7% -1.0% 60,000 Depreciation 16,980 18,509 19,808 20,062 5.7% 36.0% 50,000 EBITDA 36,715 35,175 38,278 37,863 1.0% EBITDA Margin 38.1% 37.5% 38.0% 37.7% 40,000 35.0% 2015 2016 2017 2018E 2019E Interest income (expense) net (9,532) (5,779) (9,201) (10,282) 2.6% Interest expense 8,498 9,246 9,560 10,345 6.8% Revenue EBITDA Margin Interest income 1,499 1,795 1,658 1,965 9.4%

Other income (expenses) (43) 903 (1,377) (1,071) 191.2% Exchange Income (loss) (2,490) 769 78 (830) -30.7% Unconsolidated subsidiaries 1,140 1,913 1,017 393 -29.9% Net Income before taxes 8,206 10,378 12,572 6,907 -5.6% Net Income & ROE Provision for Income taxes 2,872 4,132 4,306 2,348 -6.5% MXN, million Discontinued operations Consolidated Net Income 5,333 6,246 8,266 4,559 -5.1% Minorities 1,612 2,053 1,510 925 -16.9% Net Income 3,721 4,193 6,756 3,634 -0.8% 12,000 12.5% 14.0% Net Margin 3.9% 4.5% 6.7% 3.6% 12.0% 10,000 EPS 1.276 1.433 2.322 1.249 -0.7% 7.8% 10.0%

8,000 8.0% Balance Sheet (Million pesos) 4.9% 6.0% Total Current Assets 95,969 87,045 75,454 79,962 -5.9% 6,000 Cash & Short Term Investments 47,546 38,735 31,523 35,573 -9.2% 4.5% 4.0% 4,000 4.2% Long Term Assets 210,914 210,175 219,674 223,079 1.9% 2.0% Property, Plant & Equipment (Net) 86,784 85,720 86,800 90,205 1.3% 2,000 0.0% Intangible Assets (Net) 23,512 21,774 26,568 26,568 4.2% 2015 2016 2017 2018E 2019E Total Assets 306,883 297,220 295,128 303,040 -0.4% Current Liabilities 57,426 50,765 52,058 52,364 -3.0% Net Income ROE Short Term Debt 4,456 3,863 4,977 5,395 6.6% Accounts Payable 50,927 44,354 44,129 44,025 -4.7% Long Term Liabilities 154,663 146,798 142,678 149,264 -1.2% Long Term Debt 135,619 129,541 126,890 133,476 -0.5% Total Liabilities 212,089 197,563 194,735 201,628 -1.7% Net Debt & Net debt to EBITDA ratio Common Stock 94,794 99,657 100,392 101,412 2.3% MXN, million Noncontrolling Interest 12,589 13,995 14,029 14,171 4.0% Total Equity 82,204 85,662 86,363 87,241 2.0% Liabilities & Equity 306,883 297,220 295,128 303,040 -0.4% 2.7x 2.7x 120,000 2.5x 2.6x 3.0x Net Debt 92,524 94,669 100,344 103,299 3.7% 100,000 2.5x 1.8x Cash Flow (Million pesos) 2016 2017 2018E 2019E 2.0x 80,000 Cash Flow from Operating Activities 36,448 25,100 29,529 32,315 1.5x Cash Flow from Investing Activities (28,889) (17,331) (21,794) (16,890) 60,000 Cash Flow from Financing Activities (9,894) (16,469) (14,844) (11,375) 1.0x

Change in Cash Balance 483 (110) (103) 0 40,000 0.5x Increase (decrease) in cash (1,851) (8,811) (7,212) 4,050 20,000 0.0x 2015 2016 2017 2018E 2019E

Net Debt Net Debt/EBITDA

Source: Banorte, MSE.

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Acquisition of the residential fiber optic Business will complement Cable’s operations. In December, Grupo Televisa announced the acquisition of 227 thousand clients (residential and micro-business) of Axtel’s fiber optic Business for MXN$ 4.7 billion. The assets purchased are located in: , San Luis Potosi, Aguascalientes, , Ciudad Juarez and Zapopan, complementing the company’s operations in these cities. The clients acquired in this transaction represent 553,226 revenue generating units (RGUs) and equal an additional 5% over the RGU base reported by Televisa in 3Q18.

According to information provided by Televisa, these clients represent around MXN$ 1.9 billion in revenue and MXN$ 631 million in EBITDA during the last 12 months of operation, which equals a 33.2% profitability. During the same period, Televisa’s Cable operations earned MXN $35.3 billion in revenue, MXN$14.9 billion in EBITDAwith a 42.4% margin. The integration of these operations would represent an additional 5.4% in revenue and 4.2% in EBITDA, while the margin would fall 50bps to 41.9%. We consider that during the first half of 2019, Televisa could achieve synergies by integrating these operations and would therefore recover a part of lost profitability.

Extraordinary adjustment in royalties from Univision in 4Q18. During 3Q18, Univision reported an extraordinary revenue adjustment of US$ 41 million due to a contractual discrepancy that affected the subscriber business. In addition, during Univision’s conference call, the company mentioned another adjustment in 4Q18, and although the amount was not disclosed, there was indication that it would be of lower proportion. Due to the time gap in the publication of earnings and the methodology with which royalties are estimated, Televisa did not perform the adjustment for royalty revenue in 3Q18, such adjustment will be seen in 4Q18 figures. We estimate this extraordinary adjustment will represent around US$10 million less in Televisa’s royalties in 4Q18. On the other hand, Univision has experienced a slowdown in revenue from advertising and the conclusion of channel sales to DISH, which may unfavorably impact 2019 earnings.

AT&T plans to sell its participation in SKY. At the beginning of January, AT&T’s CFO mentioned, during a conference call with investors, that the company could sell some assets for an amount between US$ 6.0 and US$ 8.0 billion as part of a plan to reduce leverage. This, due to the levels reached by the recent merger of AT&T with Time Warner. Among the assets that would be put up for sale is the company’s 41% stake in SKY Mexico. The sale of its minority stake in SKY could have negative implications for the consolidation process of the Mexican market. By the end of last year, we had considered AT&T as a possible buyer for Televisa’s shareholding in SKY (59%) to reinforce its presence in Mexico and offer its client base bundling services. Under this assumption, Televisa would have fewer obstacles to acquire Megacable and become a stronger competitor for América Móvil.

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Estimates. For 2019 we estimate a consolidated revenue of MXN$ 100.4 billion for Televisa, which would represent a 0.2% drop vs. 2018E and MXN$ 37.8 billion in EBITDA, equaling an annual 1.1% decline and would represent a 37.7% margin (-30bp vs. 2018E). In terms of net profit, we estimate a 46.2% reduction to MXN$ 3.6 billion as a result of higher financial expenses from Forex losses, an 8% increase in net interests. Additionally, it should be mentioned that in 2Q18, the company reported MXN$3.5 billion in profit before taxes from the sale of its 19% stake in Imagina, a Spanish media group.

Contents, we estimate an annual 9.1% fall in revenue to MXN$ 35.7 billion due to the following factors: (1) A 5.7% decline in advertising revenue as a result of lower federal government spending and the effect of moderate economic growth; (2) an annual 33.4% drop in revenue from the Sale of Channels- it is worth remembering that in 2018 the company reported MXN$2.7 billion in extraordinary revenue derived from the World Cup’s broadcasting rights-; and (3) a 1.9% increase in the Sale of Programs and Licenses that includes the above-mentioned adjustment in the revenue base of Univison’s royalties. As for EBITDA margin, we estimate a 20bp recovery to 38% as in 2018, additional expenses related to the broadcasting of the World Cup and the electoral process was registered. However, the benefit of fewer expenses in 2019 would be partially neutralized by the reduction in advertising revenue on behalf of the federal government, resulting in lower operating leverage.

SKY, we estimate a 0.6% growth in revenue (MXN$ 22.0 billion) as a result of a deceleration in the contracting of new television subscribers, which would be offset by additional subscribers from the deployment of the wireless internet service under the Blue Telecomm name. This data service may be contracted as a single service or through a bundling package that includes television service. Furthermore, we estimate pressure on the average income per subscriber due to a higher proportion of lower consumption clients under the VeTV pre-payment brand name. In this segment, we estimate a 44.2% EBITDA margin (-50bps yoy) due to higher expenses from the deployment of the internet service and the effect of a higher exchange rate over programming costs.

Cable, We estimate an annual 9% increase in revenue to MXN$ 38.7 billion, through a 7.1% expected growth in Revenue Generating Units to 12.5 million, from the consolidation of Axtel’s Residential fiber optic Business, acquired in the end of December and from a 1.5% increase in telecommunication revenue. Breaking the RGU base down by type of service, we estimate the following variations: +5% in video, +9.5% in internet and +6.5% in telephone. For EBITDA margin, we anticipate an annual 40bp deterioration to 41.8% against a backdrop of slower growth, greater competition and lower profitability of operations acquired from Axtel.

Valuation. We have determined a target price for Grupo Televisa through a DCF model and contrasted it with a multiple valuation model.

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Within the Discounted flow valuation, we used a 9.8% WACC. Such discount rate was estimated with a 14.0% cost of equity and a 7.7% cost- bearing debt. We determined the cost of equity (CAPM) through a 9% risk free rate (2019 year-end estimate for the 10-year M Bono by our Fixed Income and FX Strategy department), a 5.5% market risk premium and a 0.9 Beta. In addition, in order to estimate the perpetuity value, we used a 6.9x EV/EBITDA multiple considering a discount against comparable international companies. Finally, we have included a value of US$1.2 billion for Televisa’s shareholding in Univision.

Discounted Cash Flow Model (DCF) MXN, million 2019e 2020e 2021e 2022e 2023e 2024e

(+) EBITDA 37,863 39,514 40,601 41,717 42,864 44,043 (-) Change in working capital (563) (365) (1,056) (1,085) (1,114) (1,145) (-) Capex (18,855) (20,032) (20,282) (20,536) (20,793) (21,053) (-) Taxes (2,078) (2,078) (2,233) (2,294) (2,358) (2,422) (=) Free cash flow 16,366 17,038 17,029 17,802 18,600 19,423 (+) Perpetuity 0 0 0 0 0 303,897 (=) Total cash flow 16,366 17,038 17,029 17,802 18,600 323,320

Risk - free rate (RF) 9.0% (+) Present value of cash flows 67,984 Equity risk premium (RM) 5.5% (+) Present value of perpetuity 190,064 Beta 0.9 = Firm value 258,049 CAPM 14.0% (-) Net debt (103,299) (-) Minority interest (14,171) Cost of debt 7.7% (+) Univision 26,554 Tax rate 30% (=) Equity value 167,132 Net Cost of debt 5.4% Shares outstanding 2,910

Debt / Capitalization 48% Price target MXN$ 57.44 Price target USD$ 14.62 WACC 9.8% Exit EV/EBITDA multiple 6.9x

Source: Banorte

The following table includes a sensitivity study of our target price at different EV/EBITDA multiples for the terminal value (perpetuity) and different discount rates (WACC).

Sensitivity Analysis Terminal EV/EBITDA Multiple

57.44 6.65x 6.90x 7.15x 7.40x

9.59% 55.95 58.35 60.74 63.13

WACC 9.72% 55.51 57.89 60.27 62.65 9.84% 55.08 57.44 59.81 62.18

9.97% 54.64 57.00 59.35 61.70 10.09% 54.21 56.55 58.89 61.23

Source: Banorte

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Within the multiple valuation model, we disaggregated the 2019E EBITDA by business segment and based on valuation parameters of comparable international companies we chose the multiples for each segment. In addition, we applied a discount between 15% and 25% to each multiple due to a local climate of uncertainty and this year’s business outlook.

Multiple valuation model MXN, million Segment EBITDA 2019E EV/EBITDA EV Per share Contents 13,602.2 6.5x 87,734.4 30.15 SKY 9,758.2 6.3x 61,476.9 21.13 Cable 16,227.9 7.0x 113,595.2 39.04 Others 476.6 1.3x 619.5 0.21 Corporate expenses (2,202.3) 1.0x (2,202.3) (0.76) Total 37,862.6 6.9x 261,223.7 89.78 (-) Net Debt (103,298.6) (35.50) (-) Minority interest (14,171.4) (4.87) (+) Univision @ 0.5x P/BV 26,554.0 9.13 Equity Value 170,307.7

Shares (CPO) 2,909.6 Price target 58.53

Source: Banorte

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Certification of Analysts. We, Gabriel Casillas Olvera, Delia Maria Paredes Mier, Alejandro Padilla Santana, Manuel Jiménez Zaldívar, Tania Abdul Massih Jacobo, Katia Celina Goya Ostos, Juan Carlos Alderete Macal, Víctor Hugo Cortes Castro, Marissa Garza Ostos, Miguel Alejandro Calvo Domínguez, Hugo Armando Gómez Solís, Gerardo Daniel Valle Trujillo, José Itzamna Espitia Hernández, Valentín III Mendoza Balderas, Santiago Leal Singer, Francisco José Flores Serrano, Francisco Duarte Alcocer, Jorge Antonio Izquierdo Lobato and Leslie Thalía Orozco Vélez, 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 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 Ixe 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. Historial de PO y Recomendación Stock Date Recommendation PT Tlevisa CPO January 22, 2019 HOLD MXN$57.00 Tlevisa CPO April 26, 2018 BUY MXN$81.00 Tlevisa CPO February 20, 2018 HOLD MXN$88.00 Tlevisa CPO October 26, 2017 HOLD MXN$97.00

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

Research and Strategy

Gabriel Casillas Olvera Chief Economist and Head of Research [email protected] (55) 4433 - 4695

Raquel Vázquez Godinez Assistant [email protected] (55) 1670 - 2967

Economic Analysis

Delia María Paredes Mier Executive Director of Economic Analysis [email protected] (55) 5268 - 1694 Katia Celina Goya Ostos Senior, Global Economist [email protected] (55) 1670 - 1821 Juan Carlos Alderete Macal, CFA Senior Economist, Mexico [email protected] (55) 1103 - 4046 Miguel Alejandro Calvo Economist, Regional [email protected] (55) 1670 - 2220 Domínguez Francisco José Flores Serrano Economist, Mexico [email protected] (55) 1670 - 2957 Lourdes Calvo Fernández Analyst (Edition) [email protected] (55) 1103 - 4000 x 2611

Fixed income and FX Strategy

Alejandro Padilla Santana Head Strategist – Fixed income and FX [email protected] (55) 1103 - 4043 Santiago Leal Singer FX Senior Strategist [email protected] (55) 1670 - 2144 Leslie Thalía Orozco Vélez Fixed Income and FX Strategist [email protected] (55) 1670 - 1698

Equity Strategy

Director Equity Research — Manuel Jiménez Zaldivar [email protected] (55) 5268 - 1671 Telecommunications / Media Victor Hugo Cortes Castro Technical Analysis [email protected] (55) 1670 - 1800 Equity Research – Conglomerates / Financials/ Marissa Garza Ostos [email protected] (55) 1670 - 1719 Mining / Petrochemicals Equity Research – Airlines / Airports / Cement José Itzamna Espitia Hernández [email protected] (55) 1670 - 2249 / Infrastructure / REITs Equity Research – Auto Parts/ Consumer Valentín III Mendoza Balderas [email protected] (55) 1670 - 2250 Discretionary / Real Estate / Retail Francisco Duarte Alcocer Analyst [email protected] (55) 1670 - 2707 Jorge Antonio Izquierdo Lobato Analyst [email protected] (55) 1670 - 1746 Itzel Martínez Rojas Analyst [email protected] (55) 1670 - 2251

Corporate Debt

Tania Abdul Massih Jacobo Director Corporate Debt [email protected] (55) 5268 - 1672

Hugo Armando Gómez Solís Senior, Corporate Debt [email protected] (55) 1670 - 2247 Gerardo Daniel Valle Trujillo Analyst, Corporate Debt [email protected] (55) 1670 - 2248

Wholesale Banking

Armando Rodal Espinosa Head of Wholesale Banking [email protected] (55) 1670 - 1889 Alejandro Eric Faesi Puente Head of Global Markets and Institutional Sales [email protected] (55) 5268 - 1640 Alejandro Aguilar Ceballos Head of Asset Management [email protected] (55) 5268 - 9996 Head of Investment Banking and Structured Arturo Monroy Ballesteros [email protected] (55) 5004 - 1002 Finance Head of Transactional Banking, Leasing and Gerardo Zamora Nanez [email protected] (81) 8318 - 5071 Factoring 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 René Gerardo Pimentel Ibarrola Head of Asset Management [email protected] (55) 5268 - 9004 Ricardo Velázquez Rodríguez Head of International Banking [email protected] (55) 5004 - 5279 Víctor Antonio Roldan Ferrer Head of Corporate Banking [email protected] (55) 5004 - 1454